A real estate developer and property manager from Rochester is continuing to grow his landlord relationship with Tops Friendly Markets by acquiring an Angola shopping plaza anchored by one of the grocery chain's locations.
Robert Morgan's Morgan Management paid $800,000 through Angola Acquisitions LLC to buy the retail center at 9049 Erie Road from businessman Nick Charlap's 9049 Erie Road LLC.
The 19.35-acre site, formerly home to the Angola Shurfine store, consists of a 20,600-square-foot grocery store and a 1,288-square-foot outparcel building, currently filled by an ice cream shop. Constructed in 1958, the two buildings are occupied, but the site has room for expansion. Tops is investing $300,000 to update its space.
The property was being marketed for sale by agents from the Rochester office of Pyramid Brokerage Co., but had also gone up for online auction through Ten-X – formerly Auction.com – for a starting bid of $750,000. According to the online listing, the property generates $180,000 in net operating income annually.
Originally founded in 1979, Morgan Management owns and operates apartment buildings, commercial sites and self-storage centers across the country, including 140 residential properties with 34,000 units in 14 states through Morgan Communities. After recruiting Tops to a retail plaza in Spencerport, it's now the landlord for 25 of Tops' 177 stores.