Price Chopper Plaza has changed hands.
Nigro Companies, Albany, bought the plaza, at 1283 Arsenal St., for $17,750,000 from Arsenal Street Associates LP, Dedham, Mass. The deal for the plaza, which has four buildings on 37.45 acres, was finalized Monday.
"We are looking forward to being good neighbors in Watertown," Nigro Vice President Steven J. Powers said.
Mr. Powers said Nigro will invest more than $500,000 in a "general upgrade" for the plaza and interior renovation for the anchor grocery store. The plaza will have new painting and landscaping, while Price Chopper will receive new floors, lights, shelves and ceilings.
Mr. Powers said there are no plans to change the layout of the plaza, which he said has an "excellent location."
There are two small retail openings in the plaza, which Nigro will look to fill with "good local retailers," Mr. Powers said. Other retailers in the plaza include Michael's, Dollar Tree, Herb Philipson's, Staples and T.J. Maxx.
The number of tenants and the location make the plaza a good investment, said Lance M. Evans, executive officer of the boards of Realtors in Jefferson, Lewis and St. Lawrence counties.
"Obviously, with Fort Drum here, that's helped keep things going here commercially," he said. "Commercial real estate is very viable here, especially with the level of retail activity."
He said the Multiple Listing Service records showed 23 commercial real estate transactions over the past 12 months with a median price of $150,000, compared with 55 in the previous 12 months with a median price of about $121,000.
The plaza was not listed under the service, so its sale would not be counted. Other unlisted properties could have garnered sales over those periods as well.
According to Times archives, Arsenal Street Associates, a subsidiary of Boston Development Associates Inc., built Price Chopper in 1986. The plaza then was known as Zayre Plaza. Boston Development Associates purchased the plaza in October 1984 for $1.2 million from North Country Associates, New York City.