North Bergen, N.J., Shopping Center Trades for $19 Million

Press Release (ePRNews.com) - NORTH BERGEN, N.J. - Feb 16, 2017 - A 41,000-square-foot, grocery-anchored North Bergen shopping center has traded in a $19.0 million sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. The 1031 Exchange buyer purchased the property at 2819 JFK Boulevard from a joint venture partnership.

The fully leased asset is located on Route 495, just off Route 3 and less than one mile from the Lincoln Tunnel. Redeveloped in 2015 to accommodate its anchors – Aldi and Crunch Fitness, both of which have long-term commitments – the center also includes a free-standing Sonic drive-in restaurant.

The 2819 JFK Boulevard offering drew robust bidding activity, according to Cushman & Wakefield’s Brian Whitmer, who represented the seller and procured the buyer with Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Nick Karali.

“Limited grocery-anchored retail product has come online recently in New Jersey and throughout the Northeast market in general,” he said. “It makes sense that properties with term and credit are being pursued aggressively by institutional and private investors. 2819 JFK Boulevard was no exception.”

Pollack noted that the Hudson County property serves a dense population – 549,000 people within a three-mile radius – and benefits from high average daily traffic counts on Route 495 (188,000 vehicles) and JFK Boulevard (25,000 vehicles). “Route 495 is one of only three commuting corridors leading to Manhattan, providing 2819 JFK Boulevard with a visible, convenient location for patrons,” he added.

Based in East Rutherford, New Jersey, Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily, land and retail properties throughout New Jersey, New York, and Fairfield County, Connecticut. The team has completed more than $25 billion worth of transactions since 2000, closing over $3.2 billion in sales in 2016.

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake (http://www.twitter.com/cushwake) on Twitter.

Source : Cushman & Wakefield

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