Jones Lang LaSalle
16-Tenant Shopping Center Trades in $16M Deal
By Eric Peterson
Last updated: February 9, 2006 09:07am
(For more retail coverage, click GlobeSt.com/RETAIL.)
WAYNE, NJ-Point View Shopping Center, a 78,000-sf property on 7.5 acres, has been sold for just under $15.9 million. The buyer was Cofinance Inc. of Hackensack in a joint venture with an institutional client of Urdang Markets Group; the seller was Berdan Associates, a partnership based in East Rutherford. The deal was orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group, East Rutherford.
The property currently has a 16-tenant roster headed by Can Do health club, Outback Steakhouse, Hudson City Savings Bank and Century 21 Gemini Realty. But it also has a major hole to fill--anchor tenant Kings Super Market closed its 35,000-sf store, representing 45% of the center’s space, last year. According to Cofinance COO Jim Maurer, his firm bought the property with the intention of dividing the vacant Kings store and leasing it to multiple tenants, and has brought in the Glenn Rock-based Goldstein Group as leasing agent.
“The property is located next to the primary concentration of retail space in the Wayne market, with a population of 328,000 within a five-mile radius,” says Andrew Merin, vice chairman and head of C&W’s MACMG. “With the Kings store closed there, it provides great potential upside for Cofinance Inc.
The sale of Point View follows several other retail property sales orchestrated by C&W in recent months, valued at more than $100 million. Among the others were the sale of Seaview Square, a 775,000-sf power center in Ocean Township, to a joint venture of Investcorp and Fidelity-AMG Realty Partners; and Heritage Property’s acquisition of the 236,000-sf Old Bridge Gateway in Parlin.
“Right now, retail is in high demand in New Jersey,” says Jose Cruz, a senior director with C&W’s MACMG. “Each of these offerings drew significant bidding interest, and investors continue to seek well-located shopping centers, especially those properties that provide opportunity to add value.”
“Cap rates have stayed low for grocery-anchored retail and even power centers,” Merin says. “At the same time, even with the size of the New Jersey retail market, which is north of 200 million sf, there simply aren’t many properties coming available. This has created extraordinary activity and record pricing.”
16-Tenant Shopping Center Trades in $16M Deal
By Eric Peterson
Last updated: February 9, 2006 09:07am
(For more retail coverage, click GlobeSt.com/RETAIL.)
WAYNE, NJ-Point View Shopping Center, a 78,000-sf property on 7.5 acres, has been sold for just under $15.9 million. The buyer was Cofinance Inc. of Hackensack in a joint venture with an institutional client of Urdang Markets Group; the seller was Berdan Associates, a partnership based in East Rutherford. The deal was orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group, East Rutherford.
The property currently has a 16-tenant roster headed by Can Do health club, Outback Steakhouse, Hudson City Savings Bank and Century 21 Gemini Realty. But it also has a major hole to fill--anchor tenant Kings Super Market closed its 35,000-sf store, representing 45% of the center’s space, last year. According to Cofinance COO Jim Maurer, his firm bought the property with the intention of dividing the vacant Kings store and leasing it to multiple tenants, and has brought in the Glenn Rock-based Goldstein Group as leasing agent.
“The property is located next to the primary concentration of retail space in the Wayne market, with a population of 328,000 within a five-mile radius,” says Andrew Merin, vice chairman and head of C&W’s MACMG. “With the Kings store closed there, it provides great potential upside for Cofinance Inc.
The sale of Point View follows several other retail property sales orchestrated by C&W in recent months, valued at more than $100 million. Among the others were the sale of Seaview Square, a 775,000-sf power center in Ocean Township, to a joint venture of Investcorp and Fidelity-AMG Realty Partners; and Heritage Property’s acquisition of the 236,000-sf Old Bridge Gateway in Parlin.
“Right now, retail is in high demand in New Jersey,” says Jose Cruz, a senior director with C&W’s MACMG. “Each of these offerings drew significant bidding interest, and investors continue to seek well-located shopping centers, especially those properties that provide opportunity to add value.”
“Cap rates have stayed low for grocery-anchored retail and even power centers,” Merin says. “At the same time, even with the size of the New Jersey retail market, which is north of 200 million sf, there simply aren’t many properties coming available. This has created extraordinary activity and record pricing.”
posted by Jones Lang LaSalle NJ News Blog at 3:26 PM
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