The buyer was similarly not identified, but described as a regional investment group. The property was originally listed with an asking price of $18 million, and then reduced to $17 million before subsequently trading for the $16.1-million number.
Brokers from Marcus & Millichap's New Jersey office in Elmwood Park represented both sides in the transaction. Senior associate Seth Pollack and investment specialist Michael Kestin represented the seller; investment specialist Kevin McCrann spoke for the buyer.
Situated on a seven-acre lot, Rockaway Plaza is anchored by Ace Hardware, Drug Fair, Kiddie Academy and Party Fair. A number of regional and local tenants round out the roster, and the center itself recently underwent a renovation.
"The offering produced multiple offers from investors active in the region," Pollack tells GlobeSt.com. "Because of that, the seller could choose the best option available, and from contract signing to closing, the process took less than two months."
Kestin says that "it was an excellent opportunity for the buyer to acquire a newly renovated shopping center. It has great highway visibility in a market with strong demographics and high traffic counts."
And Marcus & Millichap has picked up another retail sale assignment, with the 18,330-sf, three-tenant Oakland Crossroads in Oakland, Bergen County, listed with an asking price of $13.9 million. The assignment is being handled by Steven Siegal, a VP and senior director in the firm's Manhattan office.
"It's a great opportunity for an investor to acquire a new, three-tenant property with national credit tenants, that is virtually management-free," Siegel says.
Currently under construction and being developed by Eden Property Co., the asset is entirely pre-leased to Walgreens, Starbucks and Columbia Bank. Located on 3.7 acres at the intersection of routes 202, 208 and I-287, it's slated for delivery by the end of the year.
Eden Property Co. is also set to construct a 30,000-sf office building on the site, an asset that is not included in the shopping center offering.
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