ELMIRA, N.Y. (WETM) – The former Tops Plaza building was sold for over $800,000 in a July auction to an unknown buyer, according to minutes from a recent Chemung County IDA meeting.
The building on 299 South Main Street was listed for auction online on Real INSIGHT Marketplace that closed on July 21.
Chemung County IDA Executive Director Joe Roman told members of the IDA that the buyer is unknown to him at this time. Following the closing of the auction 18 News inquired with the realtor on who purchased the building, but were unable to receive a response.
The auction listed the building as being in an “Opportunity Zone” with high upside and other retail locations in the plaza.
The subject property is a 98,330-square-foot shopping center consisting of two buildings situated on approximately 8.32 acres. Built in 1997, it features ±765′ of frontage along Main Street, large pylon signage, and ample parking for ±472 vehicles (±4.80/1,000 SF ratio). As of 2021, the property has an available Pad Site for development and is approximately 16 percent occupied by three tenants: Dollar Tree (11,300 SF), H&R Block (2,500 SF), and AT&T (1,500 SF). Dollar Tree is a strong national tenant with approximately three years remaining on its lease term. The remaining ±77,000 SF former Tops Supermarkets space and ±6,000 SF of vacant space provides potential investors with an excellent opportunity to add value through lease-up.
The Tops building has been vacant since 2018 when the company closed the location, as well as several other underperforming stores.