Member News

Regional Buffalo Retail Center Up for Sale

According to news station WKBW Buffalo, the 762,412 square-foot shopping center located at 1285 Niagara Falls Boulevard in Amherst, New York is being marketed for sale. The property currently backs the $92.9 million Boulevard Mall loan which matures in February 2017. The loan makes up 2.43% of the remaining collateral behind GCCFC 2007-GG9.

Built in 1962, Boulevard Mall is being sold by Cleveland-based Forest City Realty Trust Inc. as part of a new company strategy focused on paying down existing debt and concentrating on major markets like New York City and Washington, DC. Throughout the years, the property has gone through extensive expansion and renovation changes. Based on commentary from Watchlist, Boulevard Mall is the most dominant regional retail space in the area. The asking price has yet to be revealed.

Main anchors of the mall include JCPenney, Macy’s and Bed Bath and Beyond. DSCR and occupancy was last reported at 1.07x and 87%, respectively. The retail center was underwritten with an appraised value of $159.5 million in 2006.

Compliments of Trepp – a member of the EACCNY