A joint venture between DRA Advisors and DLC Management Corp. acquired Southern Tier Crossing in Horseheads, New York. The companies paid $18.5m for the 174,642 sq ft retail asset. The property is currently 89 percent leased to a national tenant roster anchored by Dick’s Sporting Goods, Jo-Ann Fabric, PetSmart, Ulta Beauty, Five Below, Men’s Wearhouse, Buffalo Wild Wings, Lane Bryant and Aspen Dental. Southern Tier Crossing combines with four adjacent retail assets to form a super-regional retail cluster.
“As the single largest power center in the immediate trade area, Southern Tier Crossing has attracted a host of category-leading retailers,” said Justin Smith, executive managing director of the NKF Capital Markets. “The asset also features the ability to drive NOI growth via leasing existing vacant spaces and monetizing the development parcel adjacent to Walmart.”
