$10.8 Million Retail Center Sale in Johnson City, NY Arranged by Marcus & Millichap

Johnson City Town Center, Broom County, NY

JOHNSON CITY, N.Y., March 1, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Johnson City Town Center, a 83,866-square foot retail property in Johnson City, a village in Broome County, N.Y. that is part of the Binghamton, N.Y.metropolitan statistical area.

The sales price of $10,800,000 equates to $129 per square foot.

Steven Stoehrer

Steven Stoehrer, a senior associate, and Preet Sabharwal, an associate, both in the firm’s Manhattan office, represented the seller, a New York-based development fund. The buyer is a Canadian equity fund.

            “Johnson City Town Center is a stable asset with long-term leases backed by a 100 percent national tenancy,” says Stoehrer. “The new owner has a value-add opportunity in the form of a 9,120-square foot approved pad site that was included in the sale.”

            “We generated 12 offers and achieved 100 percent of the listing price,” adds Sabharwal.

Preet Sabharwal

The property is located along a strong retail corridor at 420 Harry L Drive in Johnson City, one-half mile away from the Oakdale Mall, a major indoor shopping destination for the greater Binghamton area.

Johnson City Town Center is anchored by a 34,627-square foot Christmas Tree Shops that comprises 41 percent of the tenancy. Other tenants include Petco, Party City, Five Below and Lumber Liquidators.

 For a complete copy of the company’s news release, please contact:

J.D. Parker,

 Regional Manager

(212) 430-5100