Hannaford Plaza, a 111,077 SF grocery-anchored shopping center in New York’s Capital Region, had been inconsistently marketed by multiple brokers for nearly two years with no success. The property suffered from a passive sales approach and unclear market positioning. In August 2024, after presenting a clear, focused strategy and demonstrating her ability to close, Matthews™ First Vice President Joanna Manfro secured the exclusive listing.
Challenge
The property had become stale in the market due to informal, inconsistent marketing and operational complexities tied to private ownership. These factors made it difficult to maintain momentum and confidence on both sides throughout the sales process.
An initial deal, despite strong interest and a top offer of $17.4M, ultimately fell apart in early 2025 due to buyer-seller differences. Rather than accepting defeat, Manfro convinced the seller to stay the course. Leveraging her relationships and market knowledge, she quickly re-engaged potential buyers and brought a new offer to the table at $17.25M—close to the original pricing—successfully closing the transaction.
Strategy & Execution
Manfro initiated a focused, comprehensive marketing campaign featuring a formal Call for Offers that highlighted the property’s grocery anchor, strategic location near Albany, and growth potential. This approach generated 10 offers in the first round. Despite rigorous negotiations, the deal fell through in early 2025 due to buyer-seller disagreements.
Undeterred, she persuaded the seller to remain committed, secured a listing extension, and leveraged the previous offer as a valuation benchmark. Relaunching the marketing with renewed agency— especially given the looking loan maturity at year-end 2025—she secured a strong new offer in February.
Navigating a prolonged diligence period, Manfro effectively managed challenges including outdated financials, tenant estoppel delays, and lender concerns, maintaining clear communication and proactive oversight on both sides. This hands-on approach ultimately led to a successful closing in late July.
Results
The seller achieved an aggressive price in a difficult market environment, exceeding what many believed impossible given the property’s complexities. This outcome was driven by Manfro’s persistence, hands-on execution, and ability to steer both parties through a volatile, drawn-out process. By quickly repositioning the asset and sustaining competitive tension, she ensured the deal was closed successfully despite early setbacks.
Key Tools
- Strategic Call for Offers process
- Full-scale digital and institutional marketing campaign
- Deal management platform for offer tracking and coordination
- Cross-team collaboration to resolve lender and tenant estoppel issues
Lessons Learned
Deals test resolve, but this one underscored the value of persistence, transparency, and discernment. Sticking with the asset and remaining committed created competition, exceeded seller expectations, and delivered a strong result on an asset many had written off.
