S hopping C enters
www.marejournal.com Mid Atlantic Real Estate Journal — Shopping Centers — Section C Purchased subject to an existing mortgage in the amount of $18.98 million Urstadt Biddle acquires The Village Shopping Center in New Providence, NJ for $34.85 million
N
ew Providence, NJ — Urstadt Bid- dle Properties Inc.
CVS, Radio Shack, Investor’s Bank and Smashburger. The shopping center was built in 1965 by the seller but recently renovated to accommodate the new A. Willing Biddle , president of UBP said, “We are very pleased that we have con- tinued the process of invest- ing capital raised from our stock offerings in October 2012 into another grocery-anchored income producing property. Coupled with other holdings in nearby Bergen County, includ- ing our recent investment in the Chestnut Ridge Shopping
Center in Montvale, Northern New Jersey is proving to be a high performance market for us.” James Aries , director of acquisitions at UBP adds, “We’re thrilled to add another trophy grocery-anchored center to our core portfolio. This is no accident. sellers have faith in our ability to close quickly and without complication. We already have several exciting leasing leads on the few vacan- cies at Village Shopping Center and look forward to establish- ing a greater presence in this marketplace.” n
(UBP) announced that it has acquired The Village Shopping Center in New Providence for $34.85 million. The prop- erty was purchased subject to an existing mortgage in the amount of $18.98 million that requires payments of principal and interest at a fixed rate of 5.6803% per annum. The mortgage matures in January 2022. The Village Shopping Center is located on SpringfieldAve. in the center of HI-LIGHTS June 28 - July 11, 2013
The Village Shopping Center
the affluent community of New Providence. The 110,000 s/f shopping
center is anchored by a 3-year old 45,000 s/f A (which re- placed ACME Supermarket),
NAI Hanson completes sale of $1.1m development site
Marcus & Millichap sells $5.4m strip center
Celebrates 5 Years BC-C Project of the Month The Promenade at Wyomissing Square
Former Restaurant Boasts Hamburg Turnpike Location
WAYNE, NJ — NAI James E. Hanson announced the sale of a retail development site. The 2.25-acre property, which has addresses of 2211, 2227, and 2203 Hamburg Tpke. sold for $1.1 million. NAI Hanson sales associate Nicholas Herrick and senior VP John Schilp represented the owner. The site previously housed
a 5,000 s/f Italian restaurant and single-family home. The site has Special Busi- ness Districts zoning for most office and retail uses. Non- retail uses would include banks, funeral homes, nursing homes, public utility build- ings, hospitals, municipal buildings or uses, nurseries and greenhouses and recre- ational functions. n
Carlstadt Gardens
CARLSTADT, NJ — Marcus & Millichap Real Estate Investment Services , one of the nation’s largest real estate investment services firms, has announced the sale of Carlstadt Gardens, a 16,844 s/f retail property, according to Ryan Nee, regional manager of the firm’s NJ office. The as- set commanded a sales price of $5.4 million representing $320 psf. Michael Lombardi along with Preet Sabharwal , se- nior associates in Marcus & Millichap’s NJ & Manhattan offices, had the listing to mar- ket the property on behalf of the seller. Lombardi and Sab- harwal generated 22 offers on the center during the listing process, resulting in a sale $100,000 over asking price. The buyer was an overseas investor. “Well located, multi-tenant
retail investments in New Jersey are quite sought after, especially newer developed buildings with national ten- ants” said Lombardi. n
Al l your commercial real estate needs in one place.
6C
Sales/ Leasing
Also Inside:
Property Mgmt
5th Annual Retail Profiles Spotlight............................... 5-10C Retail Brokerage Directory ....12C Business Card Directory ...... IBC-C
Investment Sales
Commercial Real Estate Services, Worldwide. Summit 3435 Winchester Rd, Ste 300
Distressed Properties
Project Mgmt
Corporate Services
June 28 th Issue: Retail Brokerage Directory
610.264.0200
www.marejournal.com
Allentown, PA 18104
www.naisummit.com
Made with FlippingBook - Online catalogs