Premier Place | Williamsville, NY

7864-8020 Transit Rd Williamsville, New York

PREMIER PLACE

Williamsville, NY

Offering Summary

Atlantic Capital Partners has been exclusively engaged to market for sale Premier Place, a regional grocery-anchored shopping center ideally positioned in Williamsville, New York. The 141,998 SF asset, anchored by Grocery Outlet, which recently signed a 10-year lease, is one of the most desirable shopping centers in the local market given the properties exceptional access and visibility. The 10.75-acre site is positioned in the heart of Greater Buffalo’s main eastern retail node. Situated just off I-90 (34,242 VPD), along Route 78, one of the region’s main retail thoroughfares that sees nearly 33,397 vehicles per day. The asset also benefits from two junior anchor tenants, Premier Liquors and Harbor Freight, each of which have recently committed to the asset via long-term lease agreements. Furthermore, the offering is positioned less than 1 mile from the Eastern Hills Town Center, a 100-acre, mixed-use redevelopment of the Eastern Hills Mall that will include 1,500 residential units and 1M square feet of office and medical space.

Investment Highlights

BEST-IN-CLASS GROCERY ANCHOR

Premier Place is anchored by a 20,894 square foot Grocery Outlet, which recently signed a lease and plans to open in early 2025. With 474 stores as of Q1 2024, Grocery Outlet has established the brand as a leader within the grocery industry. As the company focuses on further expansion into the Northeast, Williamsville is key for their Greater Buffalo coverage. Grocery Outlet signed a 10 year lease with a contractual 10% rent escalation in year 6, with three (3), five (5) year options thereafter.

RECENT LEASING MOMENTUM AND FUTURE UPSIDE OPPORTUNITY

With the addition of Grocery Outlet and Premier Place’s conversion into an everyday essentials shopping hub, there has been a flurry of recent leasing activity. In addition to Grocery Outlet, in the last 6-months ownership has signed three new leases totaling 24,671
SF with Harbor Freight Tools (16,427 SF), Rally House (5,090 SF) and Alibaba Kebab (3,154 SF). The addition of these new tenants will significantly increase traffic and provide investors with momentum to lease the remaining 5,388 square feet of vacancy as well as push rents upon lease expirations.

ROUTE 78 - TRANSIT ROAD

Premier Place is ideally situated along the Transit Road retail corridor with shared signalized access with Eastgate Plaza, a 525,000 square foot power center anchored by Walmart, BJ’s Wholesale Club and Dick’s Sporting Goods. As a result, this location is considered the epicenter of the retail node with Target, Wegmans, Lowes, Tops and Marshalls to the north and Home Depot, Best Buy, TJ Maxx, Aldi and Hobby Lobby to the south.

The most transformative aspect of the corridor is the proposed mixed-use redevelopment of the Eastern Hills Mall. The project, which encompasses nearly 100 acres featuring more than 1,500 multifamily units, office and retail spaces, will bring tremendous traffic to this already dynamic retail corridor.

ROUTE 78 - TRANSIT ROAD

Premier Place is situated along Rt 78 (33,397 VPD), the region’s main North-South thoroughfare and less North 60 than 2 miles from I-90 (34,242 VPD), the region’s main interstate, providing seamless access to the 288,000 people that live within a 15 minute drive of the subject property. As a result of the efficient road systems, Rt 78 has evolved into one of the most dynamic retail nodes of Greater Buffalo. As evidenced by an abundance of category leaders, this submarket is key to retailers market coverage.