B — December 6 - 19, 2013 — New Jersey — Mid Atlantic Real Estate Journal
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N orthern N ew J ersey
Transaction includes four properties in Clark Cushman &Wakefield’s CMG team arranges $35.6 million sale of Union County retail portfolio C
LARK, NJ — Commer- cial real estate servic- es firm Cushman & Wakefield has completed the sale of a fully occupied, gro- cery-anchored retail portfolio consisting of four properties totaling 189,000 s/f in Clark. The firm’s Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, Da- vid Bernhaut, Gary Gabriel, BrianWhitmer and Nicholas Karali represented both the buyer, Kimco Realty Corpo- ration , 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 ex- tremely competitive because of the lack of opportunities to acquire them.” The portfolio includes two long-term ground leases to ShopRite (85,000 s/f at 70 Central Ave.) and A&P (53,000
s/f at 1060 Raritan Rd.) The 10,052 s/f 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 Pkwy., with the ShopRite vis- ible from the busy roadway. “That visibility greatly im- pacts the success of that loca- tion,” said Merin. “Exit 135 is also the gateway for a dense population that includes such affluent communities as West- field and Scotch Plains. Resi- dents 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 de- sirability of the location.” n Whitmer selected as panelist for Uli Nnj Real Estate Forecast NEW BRUNSWICK, NJ — Cushman & Wakefield’s Brian Whitmer, CCIM , will serve as a featured panel- director with Cushman & Wakefield’s highly successful Metropolitan Area Capital Markets Group, will take part in a regional market outlook discussion. Other panelists include Richard F.X. Johnson of MatrixDevelopment Group and Jonathan Schultz of Onyx Equities . Paul Ni- kulin of F M Equities and Jessica Sweet, Esq. , of JL Sweet & Co. will serve as moderators. The breakfast program also will center on a presentation of the Emerging Trends in Real Estate 2014 re- port, published by Pricewater- houseCoopers (PwC) and ULI. PwC’s Mitchell Roschelle , national leader, Real Es- tate Advisory Practice , and James Hughes, dean, Rutgers University Bloustein School of Planning and Public Policy, will discuss the report. n Brian Whitmer i s t at ULI N o r t h e r n New Jersey’s annual real estate trends and forecast meeting on Friday, Dec. 6. Whitmer, a s e n i o r
Grocery-anchored retail portfolio
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