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Benderson completes plaza deals

Benderson Development Co. has completed the last of eight previously announced repurchases of retail plazas from a Cleveland firm, closing Monday on Transit Commons in Amherst.

The Florida-based developer, the biggest retail landowner in Western New York, paid $8.9 million Monday to buy the 114,177-square-foot plaza on Transit Road from Developers Diversified Realty Corp. in a series of four transactions.

The plaza is anchored by a Tops Market, Dollar Tree discount store and Blockbuster Video, but also includes China King, Samurai and Subway restaurants, Supercuts hair salon, Wine Cellar & Liquor Too, Wireless Zone, Teal Travel Services and a Starbucks coffee shop.

With the deal, Benderson has retaken possession of eight retail properties that it had previously sold to the real estate investment trust in 2004 as part of a $2.3 billion bulk sale of 110 properties.

The eight current deals were part of a larger group of 11 upstate New York strip malls and plazas that Benderson repurchased from the struggling DDR, which has been selling properties to raise extra cash.

In all, Benderson paid $142.25 million for the eight properties and reportedly paid between $160 million and $175 million for the entire package of 11.


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