The Arcadia Shopping Center, located on Route 31 East in Newark, is on the auction block. The plaza contains the Walmart Superstore, out buildings and the large building west of the Walmart that includes Metro Mattress, the Dollar Tree and Tractor Supply among others.
The current owner, Newark Plaza LLC, believed to be located in Rochester, is asking for an opening bid of $5 million dollars for the 42.6 acre three parcels that encompass four buildings and a total of 13 tenants.
“I don’t know what’s going on,” said Arcadia Town Assessor Larry Quinn. He estimated that with the current 12 year, renewable lease that Walmart has, along with the other tenants, the property is valued at about $15 million dollars. The property is currently 100% leased.
In the property auction papers it is stated that “This offering represents an incredible opportunity to own a 100% leased Walmart anchored retail center, with long-term inplace tenants and income”.
A “Participation Deposit” of $50,000 is required for any bidders for the online auction that will take place starting on April 9 and ending April 11th. The winning bid will also pay a 5% transaction fee, with a minimum of $40,000 to the auction company.