Market Place

By admin July 1, 2017

In 2002, Tri-Land acquired a 452,000 SF, 38.5-acre enclosed mall from the REO Department of John Hancock Life Insurance Company. The retail property was repositioned into a 310,000 SF community shopping center anchored by Price Chopper Supermarket, Lowe’s Home Improvement, Office Max, and 25 small shops.

Retail Repositioning Plan

  • Demolished approximately 90% of the building improvements.
  • Completed a new 70,000 SF Price Chopper lease prior to the closing. Price Chopper built their building with a building allowance.
  • Secured $8.5 million of Empire Zone bonds prior to closing.
  • Price Chopper and Lowe’s built 190,000 SF. Tri-Land remodeled 35,000 SF of the former mall stores and built 75,000 SF of new buildings.
  • Lowe’s Home Improvement purchased 11 acres of the site.


  • Increased occupancy from 23% to 100%.
  • Bought the property in 2002; sold in 2006.
  • Price Chopper’s first year sales were $37 million.
  • Lowe’s first year sales were $45 million.
  • Upon sale of Market Place in 2006, achieved IRR of 39.4%