Aug. 12--PLATTSBURGH -- Consumer Square shopping center has a new owner.

Ohio-based Benderson Wainberg Associates II LP has purchased the center from Ohio-based Developers Diversified Realty.

The shopping center, built in the early '90s, includes a Wal-Mart, Sam's Club, PetSmart, Staples, Michaels, TJ Maxx and Famous Footware in its L-shaped main structure.

A company spokesperson said Wednesday that the privately held company wasn't going to discuss details of the transaction.

Benderson Wainberg acquired separate deeds for the land and the subsequent buildings and infrastructure from the County of Clinton Industrial Development Agency, effective July 23.

IDA Executive Director Adore Flynn Kurtz said this week that the agency held title to the property until bonds that allowed construction of the center were paid off.

"The IDA is now out of the deal. We gave it back to Benderson (Wainberg)."

The two transactions with the IDA were both for zero dollars.

The original IDA transaction involved payment-in-lieu-of-taxes agreements with the Town of Plattsburgh, Beekmantown Central School District and Clinton County.

"The IDA kept ownership for 15 years to protect the PILOT agreements," Kurtz said. "It is now fully on the tax rolls."

Benderson Wainberg then sold the land and buildings to related companies, Plattcon-A LLC and Plattcon-B LLC, which are New York limited-liability companies based in University Park, Fla.

Those deals were for no more than $10, according to documents filed July 27 in the Clinton County Clerk's Office.

The documents show the land deed is valued at $2.79 million and the deed for the improvements at $25.11 million.

Developers Diversified Realty acquired Consumer Square from Benderson Development Co. as part of a 2004 deal worth about $2.3 billion, which involved 110 retail real-estate parcels.

Developers Diversified Director of Public Relations and Corporate Communications Betsy Keck deferred all comment on the most recent sale to Benderson Wainberg. Four spaces are currently available for lease in the southwest corner of Consumer Square.

The shopping center also includes a smaller strip mall south of Wendy's with a number of smaller retail establishments, including Verizon and Sally's Beauty Supply. That building has one space for lease.

E-mail Dan Heath at:

dheath@pressrepublican.com

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