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3160 W Ridge Rd - Lowe's Plaza 31,500 SF Retail Condo Unit in Rochester, NY 14626
INVESTMENT HIGHLIGHTS
- FAVORABLE LAND LEASE STRUCTURE - The Subject Property is controlled by a 99-year land lease which requires no annual rental payments.
- MINIMAL EXPOSURE FOR VACANT SPACE - Responsibility for NNN expenses revert to the Master Landlord in the event of vacancy.
- WELL ENTRENCHED TENANT - Approximately 86% of the space is leased by Ollie‘s Bargain Outlet, a strong national tenant with 18 year operating history.
- CORE RETAIL TRADE AREA - The asset is centrally located within the West Ridge Road trade area, home to over 4 million square feet of retail space.
EXECUTIVE SUMMARY
The Subject Property is centrally located in the West Ridge Road trade area of Rochester‘s Northwest Submarket. West Ridge Road (NYS Route 104) is a primary east-west traffic corridor and home to approximately 4.0± million square feet of retail space, anchored by the 1.63± million square foot Mall at Greece Ridge. The presence of the mall, along with the dense population base, has long meant that West Ridge Road is a core location for retailers in the Greater Rochester Area and is generally viewed as one of the first locations to be considered for new retailers entering the market.
PROPERTY FACTS
| Total Building Size | 165,690 SF | Typical Floor Size | 165,690 SF |
| Property Type | Retail (Condo) | Year Built | 1989 |
| Property Subtype | Storefront | Lot Size | 14.20 AC |
| Building Class | B | Parking Ratio | 7.24/1,000 SF |
| Floors | 1 | ||
| Zoning | C-3 - Regional Destination Center | ||
| Total Building Size | 165,690 SF |
| Property Type | Retail (Condo) |
| Property Subtype | Storefront |
| Building Class | B |
| Floors | 1 |
| Typical Floor Size | 165,690 SF |
| Year Built | 1989 |
| Lot Size | 14.20 AC |
| Parking Ratio | 7.24/1,000 SF |
| Zoning | C-3 - Regional Destination Center |
AMENITIES
- Bus Line
- Dedicated Turn Lane
- Pylon Sign
- Signage
- Signalized Intersection
1 UNIT AVAILABLE
Unit 1
| Unit Size | 31,500 SF | NOI | $387,109.57 CAD |
| Condo Use | Retail | Sale Conditions | Ground Lease (Leasehold) |
| Sale Type | Investment |
| Unit Size | 31,500 SF |
| Condo Use | Retail |
| Sale Type | Investment |
| NOI | $387,109.57 CAD |
| Sale Conditions | Ground Lease (Leasehold) |
DESCRIPTION
31,500 square feet on a long-term ground lease (99-years)within a 165,000 square foot plaza anchored by Lowe's. This portion of the center is fully occupied by two tenants and currently available for sale.
SALE NOTES
CBRE Upstate NY has been retained as the exclusive broker for the sale
of a leasehold interest in a retail center in suburban Rochester, New York.
Located in the Town of Greece, the Rochester Metropolitan Area‘s largest
suburban community, the offering is comprised of 31,500 square feet of the
center which is fully occupied by Ollie‘s Bargain Outlet and Flaming Deals.
The Subject Property is controlled through a long-term land lease which
requires NO rental payments to the underlying “Master Landlord“. The
in-place retailers are responsible for NNN expenses, and in the event of a
vacancy these expenses revert to the “Master Landlord“
Offering
Offering
Lowe's Plaza
West Ridge Road
NEARBY MAJOR RETAILERS
Presented by
3160 W Ridge Rd - Lowe's Plaza
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