A Rochester-based family-owned commercial real estate developer has purchased a Sheridan Drive plaza in the Town of Tonawanda from the Cleveland-based real estate investment trust that had bought it 10 years ago from Benderson Development Co.
LLD Enterprises, which owns and develops properties in New York, Florida, Louisiana, Maryland, Oklahoma and Pennsylvania, paid $5 million to buy the retail plaza at 2309 Eggert Road from DDR Corp.
The 121,846-square-foot plaza, which sits on 9.19 acres at Sheridan Drive, is about 40 percent vacant, and LLD plans “to immediately work to fill the vacant spaces” as it did with the Seneca Ridge retail property when LLD first bought it, said managing partner David M. Dworkin.
There are currently 12 tenants in the plaza, led by Best Fitness, Salon Professional Academy, Buffalo Grill & Tap Room and Alfred Angelo Bridal.
The plaza was part of the package of 110 retail plazas and malls that Benderson sold to DDR, formerly Developers Diversified Realty, in March 2004 for $2.3 billion. DDR subsequently ran into trouble during the financial crisis and recession, forcing it to sell off many of those properties, some back to Benderson.