NEW HARTFORD, N.Y., – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 40,000 square foot portion of The Orchard, a 300,000- square foot retail and entertainment shopping center in New Hartford.The listing price is $10 million.
Steven Siegel, a vice president investments and senior director of Marcus & Millichap’s National Retail Group in Manhattan, is representing the seller in this transaction.
“This property is an excellent opportunity for an investor to acquire a newly built shopping center in a major busy retail corridor, with moreover thaen an 8 percent% in- place cap rate and possible upside” says SiegelSiegel.
“This property is an excellent opportunity for an investor to acquire a newly built shopping center in a major busy retail corridor, with moreover thaen an 8 percent% in- place cap rate and possible upside” says SiegelSiegel. Located 5 miles west of Utica and 50 miles east of Syracuse, at 8635 Clinton St., the 40,014-square foot property is part of a larger 300,000-square foot shopping center, The Orchard, which is anchored by a 14-screen Marquee cinemacCinema, Kohl’s and Gander Mountain.
The Orchard, which shares a traffic signal with a brand- new Lowe’s, is situated located between the highly successful Consumer Square, which includes big-box retailers Wal-Mart and Best Buy, and Sangertown Square Mall with anch
ors Macy’s, JC Penney, Sears, and Target. and Circuit City.
ors Macy’s, JC Penney, Sears, and Target. and Circuit City. Built in 2007, this offering includes nationally recognized tenants such as Chico’s, Coldwater Creek, Ann Taylor Loft, Aveda, Famous Footwear, CJ Banks and Christopher & Banks.
For more information, please contact Steven Siegel – ssiegel@marcusmillichap.com
Press Contact: Stacey CorsoCommunications Department(925) 953-1716