Sean Ryan is associate editor of Real Estate New Jersey (For more retail coverage, click GlobeSt.com/RETAIL.)
RAMSEY, NJ-Ashkenazy Acquisition Corp. has acquired two shopping centers in the Garden State. The company picked up the Triangle 17 Shopping Center on the Route 17 corridor here and the Washington Bridge Shopping Center in Fort Lee.
Triangle 17, which sold for $19.6 million, is a 90,631-sf complex 100% leased by Pathmark, Blockbuster Video, Hollywood Tans and Supercuts. The seller, Emmes Partners V, was represented by the CB Richard Ellis Tri-State Investment Team.
"This transaction was highly competitive," says Jeffrey Dunne, leader of the CBRE team. "More than 20 offers were procured from various capital sources including publicly traded REITs, pension fund advisors, major national retail owners and private local investors."
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