B U F F A L O N E W S
Californian buys Grand Island Plaza
By MATT GLYNN
News Business Reporter
7/1/2005
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.