B U F F A L O N E W S
Californian buys Grand Island Plaza
By MATT GLYNN
News Business Reporter
The Grand Island Plaza has been sold for $4 million to a California-based buyer. The shopping plaza was bought by Nicholas Jones of San Francisco from Grand Island Properties, said Charles Clark, director of retail investment services for CB Richard Ellis's Buffalo office.
The plaza, near Martin's Fantasy Island, is home to a variety of tenants, including First Niagara Bank and M&T Bank, Dollar General, Family Dollar and Blockbuster Video. Its vacancy rate is about 45 percent, Clark said. This is the first Buffalo Niagara investment for Jones, who owns more than a dozen other shopping plazas, Clark said. CB Richard Ellis-Buffalo is handling the marketing, leasing and property management of the plaza.
The seller, Grand Island Properties is led by Myron Hyman Jr., who is also managing partner of Sheridan Plaza Properties. Hyman said he and his partners had owned the plaza since 1982. But the other partners have since retired and moved to Florida, and it seemed like the right time to sell, Hyman said.
The plaza was once home to an Ames store, before that chain reduced its store count a few years ago under a restructuring. The Ames chain subsequently folded.
Clark said the plaza hopes to attract a food retailer and some smaller general merchandisers to fill its gaps.