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April 28, 2009 - 1:10pm

Three shopping plazas in Batavia up for sale

posted by Howard B. Owens in batavia, business.

Three shopping plazas, including Tops, have been put up for sale by the conglomerate that owns them.

The Buffalo News reports the sell-off are part of a larger effort by Developers Diversified Realty Corp. to unload 52 shopping plazas in 20 states, valued at about $1.9 billion. Fourteen are in Western New York.

Also slated for sale locally are Batavia Commons and B.J.'s Plaza.

Andrew Erbell
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This is just the tip of an iceberg we're going to see all across the country. The commercial real estate market is about to have a major correction. Despite all the polls indicating "we're on the right track", there's plenty of real economic indicators that say otherwise.
Gabor Deutsch
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What does this mean ? They are selling then moving out ? Usually commercial property doesnt sell unless someone is buying to keep or introduce a business.
Richard Gahagan
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It means that in 50 years the 6 people that are left in batavia will be beggin the government for money to tear down the old shopping plazas.
Andrew Erbell
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Or, and most likely the real reason, the developer is simply trying to get rid of some debt. A ton of interest payments are coming due in June and many of the developers aren't going to be able to make the payments. Shhhhh, nothing to see here, move along.
Andrew Erbell
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From CNBC; http://www.cnbc.com/id/30455514 Meanwhile, we keep seeing rosy poll numbers "telling" us how things are supposed to be.
Gabor Deutsch
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Very interesting stuff to think about. Most of it is still speculative and until the right solution has been found everyone should pay attention. I think u have to take what the media says with a low calorie beverage. People in debt does not help consumer confidence or spending and then the government pumps out stimulus money that they want you to spend but dont pay down ur debt with it ? I got student loans in default so the government writes the stimulus check to me but sends to sallie mae. I am cool with that but I bet i aint da only one in debt. The government now is trying to stabilize the banks and lenders by printing money causing dollar value to drop blah blah blah.
william tapp
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why don't we all move out of NY state and let who ever is left to burn the rest.

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