CBRE is exclusively offering for sale the 109,461-square-foot single-tenant Tops Friendly Market situated on approximately 7.50 acres in Amherst, New York, a component of the Buffalo, NY metropolitan statistical area, which has a population of over 1.16 million. The property is listed at $18,333,300 ($167.49 per square foot) at a 6% cap rate.
Tops Friendly Market's absolute NNN lease was extended for 15 years through 2038, and now has approximately 12.6 years of term remaining. The tenant's rent increases by $50,000 in January 2029 and again in January 2034 during the current lease term, and features 5% increases every five years during the one available 10-year renewal option.
Boasting an operating history of 36 years at this location, the store is described as an excellent performer, with a rent-to-sales ratio under 3.50% and a 23% increase in sales since 2020. The building was originally built in 1989 and renovated in 2006, with extensive additional renovations completed in 2022.
The property sits within what is described as the #1 retail area in the Buffalo MSA, along a robust retail corridor with 532 feet of frontage on Maple Road. The offering also includes the opportunity to acquire an adjacent parking parcel at the end of the lease term. The site includes 428 parking spaces (3.91 spaces per 1,000 leased square feet) and carries an Opportunity Zone designation.
