Plaza deal tops $42M

September 27, 2013 Updated Jun 14, 2010 at 7:11 AM EDT

By Business First of Buffalo - by James Fink

...

Plaza deal tops $42M

September 27, 2013 Updated Jun 14, 2010 at 7:11 AM EDT

A New Jersey-based commercial real estate developer has for the first time entered Buffalo Niagara and the Upstate New York region by acquiring six plazas from Developers Diversified Realty.

Cofinance Inc. of Hackensack, and the U.S. arm of Cofinance Group SA, paid $42.58 million for the plazas, including $24.75 million for the 318,166-square-foot Youngmann Plaza in Tonawanda. The Youngmann Plaza is one of several that DDR bought from Benderson Development Co. in 2004 as part of a massive $2.3 billion deal. In the past year, DDR has begun selling off many of those shopping centers.

The Youngmann Plaza is anchored by such tenants as Tops Friendly Markets, Gander Mountain Sports and Texas Roadhouse.

The five other plazas include ones in Arcade, Hamlin, Avon and Elmira along with the Tops Tonawanda Plaza. The Tops Tonawanda Plaza's tenants include the namesake supermarket and Mighty Taco.

In all, Cofinance picked up nearly 704,000-square-feet of space through the DDR deals.