CBRE sells 183,397 s/f Avenue Plaza and
Watkins Glen and Montour Falls portfolio

New Hartford, NY Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s national retail partners represented Goodrich Management in the sale of Avenue Plaza. The team also procured the buyer, PropUp Group.

The property totals 183,397 s/f, is anchored by At Home and includes a mix of national and e-commerce-resistant tenants. Situated in the primary retail corridor of town, the center fronts on Commercial Dr. (25,000 cars/day) and benefits from visibility with multiple points of ingress/egress along Commercial Dr. and Clinton St. Nearby retailers include Home Depot, Walmart, Lowe’s, Michaels, TJ Maxx, Burlington and Best Buy, creating a draw to the region which spans over 15 miles.

Gavin said, “The property’s high-traffic location within a regional retail hub will help attract additional tenants. At 72% occupancy, the center provides a significant value-add opportunity to the new owner.

And in a separate transaction, CBRE negotiated the sale of a three-property, historically preserved portfolio, including 32 residential apartments and five commercial spaces, located in Watkins Glen and Montour Falls in Schuyler County. Capriotti Properties acquired the portfolio from Nelson Development.

The CBRE team of Richard Gatto, Fahri Ozturk, Zach McHale, and Matthew Loscalzo, spearheaded the marketing campaign for the residential portfolio and represented the seller in the negotiations. CBRE also procured the buyer. 

The residential portfolio includes Montour House, The Flats on Broadway, and Water Works Center, all situated within a six-minute drive of each other. 

Montour House is a fully restored property located in the town of Montour Falls and has 11 unique and spacious residential apartments above four fully occupied and operating commercial units, including a café. Built in 1854 by Charles Cook, the “father of Schuyler County” as the Canal Hotel, the property was acquired in 2008 and fully renovated in 2010. This project received a 2010 New York State Historic Preservation Award for an outstanding adaptive use project and commitment to community revitalization, and the Preservation League’s award for Excellence in Historic Preservation in 2011.

The Flats on Broadway is also located in Montour Falls and offers residents a contemporary living space with its design. The property features 14 residential apartments and one leased commercial space, and is within walking distance of the Catherine Valley Trail, which connects the village to Watkins Glen. Built in 1921, the property was formerly the Montour Falls Union School. The building was no longer used for public education after modern facilities in Watkins Glen and Odessa were erected in 1965. Subsequently, the property was taken over by the county, and was known as the Rural Urban Center, housing county offices until the seller acquired the property in 2008 and completely redeveloped it.

Situated on Seneca Lake, Water Works Center is a seven-apartment property offering views and direct access to the lake. Built in 1905 by the Village of Watkins Glen, the property is formerly known as the Municipal Light and Water Plant. This development on the shores of Seneca Lake is a combination of old and new, blending the historic Water Works building with modern condominium finishes.

“This unique collection of properties is a direct reflection of the vision and tireless effort of Nelson Development to create livable spaces that are modern and sleek, while also paying homage to the buildings’ storied past,” said Gatto. “The portfolio has consistently experienced high leasing demand and will continue to perform extremely well for years to come.”

McHale said, “From the onset, the purchaser recognized the uniqueness of the portfolio and distinguished themselves as the right group who will steward these assets for the next chapter of their lives. The portfolio further presented an excellent opportunity to invest in the scenic Finger Lakes region with access to incredible local amenities, including Seneca Lake, countless vineyards, Watkins Glen International Speedway, and historic downtowns.”