Benderson Development Co. has acquired most of Cheektowaga's Airport Plaza retail strip center anchored by Save-A-Lot and Dollar General.
The University Park, Fla.-based retail developer, through an entity called 570 Associates XIX, paid $2.25 million this week to acquire the well-known plaza at 4136-4208 Union Road from 3500 Genesee Associates, which has owned it since 1982.
The seller is registered to the address of Sweetworks Confections, whose former president, Phillip Terranova, was the property owner. Terranova is no longer at Sweetworks, which was sold.
Located between Genesee Street and the Kensington Expressway, the 6.46-acre strip center that Benderson bought also includes Premier Gold Silver & Coins, Harvest Moon Hydroponics, H&R Block, Metro PCS, Euro Deli & Gifts, Rainbow Shops, VIP Custom Vapors, and Hong Kong Chinese restaurant among its tenants, as well as an insurance agency and a hair salon.
It's also directly adjacent to a separately owned northern portion of the plaza, which includes Airport Plaza Jewelers - the Kiosk. That is not part of the deal.
Benderson Vice President Eric Recoon said the developer does "have a vision for the future of the property," but "clearly, it will require patience." He noted that the center is well-positioned on a corner with a traffic signal, just north of the Galleria area and immediately south of the ramp to the Kensington. But it also had "quite a bit of deferred maintenance" that Benderson will now have to address, he added.