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ShopRite Plaza property goes on the block

ShopRite Plaza property goes on the block

Grocery store to remain open
ShopRite Plaza property goes on the block
The ShopRite building in Niskayuna, in background, is pictured.
Photographer: Gazette photo file

There’s more than bananas and seltzer water for sale at 2333 Nott St. East in Niskayuna. The New York City investors who purchased the building that’s now home to ShopRite are looking to sell the property. 

The building and land were listed for sale within the past week for $17 million. Broker Ken Zakin, senior managing director at Newmark Grubb Knight Frank, said he’s received plenty of calls regarding the property. 

“There’s been significant interest,” Zakin said. "The listing is doing spectacularly well. It’s in a great location.”

The group of buildings on the corner of Nott Street and Balltown Road are actually three parcels with three different ownership groups. The sale of the ShopRite Plaza -- the grocery store leases space there -- is a result of the plaza’s troubled history: Eventually, three different banks held notes on the three parcels, and each was purchased by a different investor.

The ShopRite building and the land it sits on make up one of the three parcels. Wakefern Food Corp. leases the space, and ShopRite leases the space from Wakefern, which is also ShopRite's parent company. Fifteen years remain on Wakefern’s lease, which could be appealing to an investor looking for reliable cash flow. The site and building were last purchased in 2011 for $11.8 million.

“At the time, the ShopRite was just going in, and the area had not yet stabilized,” said Zakin. “The shopping center itself that had gone through trouble, and the ShopRite created value. It’s a great turnaround story in a great community.” 

The other two parcels -- they include a liquor store and land to the east, as well as the Shop from Home store and area to the west, including the Starbucks and a bank -- are owned separately and represented by John MacAffer of CBRE. There are vacancies in both of the parcels adjoining ShopRite, with space available to lease or purchase.

It is possible a buyer interested in the ShopRite could also purchase the rest of the buildings, thereby owning one of the few grocery store-anchored plazas in Niskayuna.

Both MacAffer and Zakin reported they have had good and constant interest in the plaza and its available spaces. While Zakin hasn’t started broadly marketing the property, he cited recent, organic interest and press attention for the “great activity” surrounding the sale of the property.

“I am tremendously optimistic we can get it done quickly,” he said.

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