Grand Union Plaza online bidding auction to begin April 20

The former Grand Union grocery store will go online for auction on April 20, with a starting bid of at $500,000. (Photo by Kelli Miller)

NORWICH ― Recently, the Grand Union store located at 54 East Main Street in Norwich, closed its doors and boarded the windows. The sign placed on the building directed shoppers to visit their website for nearby stores.


Officials met over the past month, discussing variable outcomes and searching for possible retail investors, yet came up empty handed. The community shared concerns over the closed grocery store, wondering what was to come of the empty building.


This week, the City of Norwich Mayor Robert Jeffrey shared information regarding the Plaza and the Grand Union Supermarket going up for auction.


Story Continues Below

“The City of Norwich is prepared and willing to talk and collaborate with anyone who is looking to do business within the city," said Jeffrey. "We will continue to do anything we can to encourage business in the plaza."


The link to the online auction for the 85,453 square foot plaza will begin April 20, with a bid starting at $500,000 and can be found at  www.loopnet.com/Listing/54-East-Main-Street-Norwich-NY/39543364/.


The link includes registration for bidding, property information, operating and financials, and answers to the bidding procedure with guidelines provided at the bottom of the page; click on Auction FAQ’s.


The site discloses 85% of the plaza is leased, leaving investors with about 9,000 square feet of available space to lease.


Although Grand Union did not stay open, their lease runs through March 31, 2030, offering four years of guaranteed income while an investor finds a replacement anchor.


Story Continues Below

Property tours are available by appointment only and can be scheduled with real estate service Marcus and Millichap, at 914-220-9758.



Comments

There are 0 comments for this article

Leave a Reply

Please Login to post a comment.