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Two-Tenant Shopping Center Trades for $25M

JERSEY CITY-The 162,533-sf 440 Commons moves from Developers Diversified's portfolio into a private investor's hands.

By Eric Peterson | Updated on October 31, 2008

JERSEY CITY-440 Commons, a two-tenant, 162,533-sf shopping center on 15 acres along Route 440, now has its fourth owner in five years. The 11-year-old complex has been sold by Developers Diversified Realty to an unnamed private investor based in Parkland, FL for $24.6 million, or just more than $151 per sf.

The property was listed with Sperry Van Ness and the sale was orchestrated for both sides by brokers Joseph French and Thomas Dalzell of that firm’s White Plains, NY office. The two tenants are Home Depot, which occupies about 116,000 sf, and furniture purveyor Raymour & Flanigan, which has the other 47,000 sf.

440 Commons was originally developed by Starwood Heller, which sold it to Inland Retail Real Estate in 2003 as part of an eight-property portfolio. The property commanded an individual price of just less than $18 million in that deal. It became part of the Beachwood, OH-based DDR’s portfolio in early 2007 when that company bought Inland Retail Real Estate for a reported $6.2 billion.

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