Olean, NY – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, announces the sale of the Walmart Plaza shopping center in Olean, NY. The seller was a joint venture between affiliates of DRA Advisors and DLC Management Corp. Ben Snyder, Senior Vice President & Senior Director of Matthews™, represented the seller in the transaction.
The shopping center, located at 1869 Plaza Drive in Olean, New York, is approximately 75 miles from Buffalo Niagara International Airport. It was built in 1997 and renovated in 2008. The size of the shopping center is approximately 353,326 square feet. The property was sold within 60 days following the opening of escrow, making it the largest shopping center sale in Western New York in the past 5 years.
The anchor tenant, Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. Walmart has 11,389 stores and clubs in 27 countries and is the largest public company by revenue. Other tenants in the shopping center include BJ’s Wholesale Club, AMC Theatres, Old Navy, Verizon Wireless, Pet Supplies Plus, and more.
“We are extremely appreciative of the opportunity to represent the seller in the sale of Walmart Plaza,” said Ben Snyder. “Although Walmart Plaza was not on the market for sale at the time, the buyer made a compelling offer. The property fit the buyer’s investment strategy, so this was a win-win transaction for both parties.”
For more information regarding the sale of the Walmart Plaza in Olean, NY or if you have any other questions relating to shopping center assets, please do not hesitate to reach out to Ben Snyder. To view current listings, please visit www.matthews.com.