Value-Add Shopping Center for Sale in Massena, NY
Ollies-anchored Shopping Plaza
Marketing description
The adjacent 56,717 SF former Hannaford grocery store building can also be purchased with this offering, but is priced separately at $30/SF.
St. Lawrence Plaza is a 41,450 SF retail center positioned along State Hwy 37 in Massena, NY, anchored by Ollie’s Bargain Outlet and shadow-anchored by BJ’s Wholesale Club. The property is 87.7% leased to a stable tenant mix including Ollie’s, Impact Gym & Fitness, and Angel Nails, with four available suites totaling 4,880 SF ready for immediate lease-up.
Offered at $1,565,000 (8.5% cap rate, based on $132,999 NOI), the pricing reflects $37.75/SF – well below replacement cost – and provides significant upside through leasing remaining vacancies and developing the site’s excess parking or potential outparcel.
In addition, investors have the rare opportunity to acquire the adjacent vacant 56,717 SF former Hannaford grocery store for just $30/SF. Combining the two properties creates a substantial footprint next to BJ’s and the new 600,000 SF industrial shipping and storage complex, positioning an owner to capture both national retailers and service tenants seeking space in a growing trade area.
Investment Highlights:
41,450 SF shopping center anchored by Ollie’s Bargain Outlet
Shadow-anchored by BJ’s Wholesale Club
Current NOI: $133,000 | Priced at 8.5% cap ($1.565M / $37.75 PSF)
87.7% leased with 4,880 SF vacancy for immediate upside
Large parcel with ample parking and potential outparcel
Option to purchase adjacent 56,717 SF former Hannaford for $30/SF
Adjacent to Massena International Airport and major new industrial complex
Investment highlights
Attractive Pricing – Offered at $1,565,000 (8.5% cap rate), equating to just $37.75/SF, well below replacement cost.
Stable In-Place Income – Current NOI of $133,000 from strong national and regional tenants.
Anchor Tenancy – 25,370 SF Ollie’s Bargain Outlet on a long-term lease through 2035.
Shadow-Anchored Location – Direct adjacency to BJ’s Wholesale Club, driving consistent traffic.
Value-Add Leasing Opportunity – 4,880 SF vacancy (12.3% of GLA) provides immediate upside.
Potential Outparcel Development – 3.4-acre site with excess parking for additional income generation.
Adjacent Grocery Box Available – Opportunity to acquire a vacant 41,000+ SF former Hannaford store for just $30/SF.
Rising Market Drivers – Across from new 600,000 SF industrial shipping and storage complex; adjacent to Massena International Airport.
Diverse Tenant Mix – Retail, fitness, and service tenants providing steady rent roll.
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