Tops Friendly Market: Amherst, NY
Retail | 5.79% CAP | 109,461 SqFt
Marketing description
CBRE is pleased to exclusively offer for sale the 109,461 SF single-tenant Tops Friendly Market situated on ±7.50 acres in Amherst, NY—a component of the Buffalo, NY MSA (Population: 1.16 million+). Tops Friendly Market’s absolute NNN lease was extended for 15 years through 2038 and now has ±12.6 years of term remaining. Tops’ rent increases by $50,000 in January 2029 and 2034 during the current term and has 5% increases every 5 years during the one 10-year renewal option. Boasting an operating history of 36 years, this Amherst location is an excellent performer with a rent-to-sales under 3.50% and a 23% increase in sales since 2020.
Investment highlights
Absolute NNN Lease: Tops Friendly Market’s absolute NNN lease was extended for 15 years through 2038 and now has ±12.6 years of term remaining. Tops’ rent increases by $50,000 in January 2029 and 2034 during the current term and has 5% increases every 5 years during the one 10-year renewal option.
Excellent Performer with Long Operating History: Boasting an operating history of 36 years, this Amherst location is an excellent performer with a rent-to-sales under 3.50% and a 23% increase in sales since 2020.
Opportunity to Acquire Adjacent Parking Parcel at End of Term: Tops owns the adjacent parking parcel (shown on page 13), which Landlord has the option to purchase from Tops for $1 upon the final expiration of the lease.
Extensive Renovations: In 2022, Tops completed an extensive $3MM+ renovation, featuring an expanded fresh perimeter, wider product assortment, refreshed interior decor and new/enhanced services including new self-checkout areas and pick up/delivery. The location boasts a unique advantage with its new in-store Nissan’s Kosher Deli and onsite True Blue Café, where customers can pick up prepared meals, play trivia and more.
Excellent Access & Visibility: One mile south of Interstate 290 (120,219 VPD), the property sits on a hard corner at the signalized intersection of Maple Road (23,079 VPD) and North Bailey Avenue (14,954 VPD) with additional access via Meyer Road.
Strategic Location Amid Robust Retail Corridor | #1 Retail Area in Buffalo MSA: Tops is directly across from the 402-unit Boulevard Towers Apartments and is situated amid a robust retail and commercial corridor with 9.0 MSF of retail, 5.1 MSF of office, 2.9 MSF of industrial and 9,683 multifamily units within a 3-mile radius.
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