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St. Lawrence Centre going up for auction next month

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MASSENA — If you’ve ever wanted to purchase a shopping mall, this may be your opportunity.

Carlyle Development Group, a New York City-based firm that owns St. Lawrence Centre, is putting up the mall for sale in an online auction beginning Dec. 9 and running through Dec. 11.

St. Lawrence Centre General Manager David Viola said the mall going up for auction isn’t a big deal.

“They’re developers. That’s what they do,” he said. “Developers are always feeling out the market and seeing what’s out there.”

St. Lawrence Centre Marketing Manager Ronald J. Patnode said it’s not unusual for owners of such properties to put them up for auction, noting that doesn’t necessarily mean the mall will be sold.

“It’s not uncommon for developers to put their properties up for sale to gauge the market and get a better idea of the value of their property,” he said. “That’s really all it is. It’s an exercise to see what opportunities are out there.”

The property is listed for sale at Auction.com, with the opening bid being $1,250,000.

According to the property’s listing on the site, the mall, which was built in 1990, contains 548,612 square feet of rentable area and as of Sept. 1 had a 61.5 percent occupancy. That number temporarily is boosted by seasonal tenants and will rise again with the anticipated opening of Dick’s Sporting Goods sometime next year.

Assessor Michael C. Ward said the mall itself is assessed at $4,843,750, with St. Lawrence Centre arena being assessed for $406,250. The auction also includes McDonald’s, which is assessed for $522,500, and Taco Bell, which is assessed for $314,700.

Thomas E. Dobrowski, managing director of Rockwood Real Estate Advisors, New York City, said the reserve price for the auction is “north of $4 million,” which would be well below the property’s total assessed value of $6,089,200. Mr. Ward said that figure also includes an access road assessed for $2,000.

“We’ve gotten a lot of interest in this parcel,” Mr. Dobrowski said. “We’ve got more than 50 groups that have executed the confidentiality agreement. There’s been a great initial response.”

He said the property is being marketed around the U.S., which is normal when dealing with commercial properties of that value.

“The buyers of these assets are pretty nationally based, rather than locally based,” he said.

According to the listing, property tours are available by appointment.

On the Web site, the mall is described as “a strategically positioned, single-level enclosed regional mall with a gross leasable area of 548,612 square feet.”

The description with the listing also includes the following details and information.

“The property is strategically located along Route 37 in Massena, New York, approximately six miles south of the U.S./Canadian border crossing at Cornwall, Ontario.”

“...Additionally, Route 37 offers local access to Interstate 81, approximately 74 miles to the east. Given the moderate density of the area and lack of nearby competition, St. Lawrence Centre services a trade area of approximately 2,600 miles encompassing a population base of 222,000 residents including Canada.”

On the Net

www.stlawrencecentre.com

http://bit.ly/18dTuNG

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