Cushman & Wakefield Arranges Sale of Union County Retail Portfolio
CLARK, N.J., Nov.22, 2013 - Commercial real estate services firm Cushman & Wakefield has completed the sale of a fully occupied, grocery-anchored retail portfolio consisting of four properties totaling 189,000 square feet in Clark, N.J. The firm's Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Nicholas Karali represented both the buyer, Kimco Realty Corporation, and seller in the $35.6 million transaction.
"This offering, which was on the market for less than two months, drew interest from the full gamut of investors, from REITs to family businesses," said Merin. "Any time that well-leased, well-located retail becomes available in Northern New Jersey, it is very sought-after - especially when grocers are involved. The bidding for such properties is always extremely competitive because of the lack of opportunities to acquire them."
The portfolio includes two long-term ground leases to ShopRite (85,000 square feet at 70 Central Ave.) and A&P (53,000 square feet at 1060 Raritan Road). Other national retail tenants include Bally Total Fitness and Rite Aid. The 10,052-square-foot property, located at 100 Commerce Place, is fully occupied to Multi-Care Health Center. The sites are located in the area's retail hub, directly off of Exit 135 of the Garden State Parkway, with the ShopRite visible from the busy roadway.
"That visibility greatly impacts the success of that location," said Merin. "Exit 135 is also the gateway for a dense population that includes such affluent communities as Westfield and Scotch Plains. Residents have to pass directly by these retail locations to get to and from the parkway.
"Multi-Care has been at that location for 23 years, ShopRite for 16 and A&P for more than 12," he said. "The tenure of the portfolio's tenants and their continued willingness to renew is clearly a reflection of the desirability of the location."
Based in East Rutherford, N.J., Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut and Pennsylvania. The team has completed more than $17 billion worth of transactions since 2000.