RIO GRANDE, NJ-In an example of a rare multiple-center portfolio coming to market, Newmark Knight Frank has been retained exclusively by owner Delco Development to market the Grande Center Retail Portfolio.
The portfolio’s 628,206 square feet consist of five adjacent shopping centers anchored by Lowe’s, Walmart, Office Depot, Avalon Carpet Tile and Flooring and Super Wawa. The centers could be sold separately, but interest in the total portfolio is high, says Brian Rovell, director of the New York office of Newmark Knight Frank, who is working on the transaction with Richard Mirliss, managing director of the firm’s North Rutherford, NJ office.
“The first round of bids are being submitted and there’s been a tremendous amount of interest,” Rovell tells GlobeSt.com. “It’s got all of the great tenants.” After a second round of bids, Delco will select the winner, likely in February.
The centers could sell for $80 million, a rare large deal after a period of tight financing. “The bottom line is that the market has been on ice for 24 to 36 months but now, we’re starting to see deals," Rovell says. "It’s interesting--since we first started speaking with [Delco], we’ve seen a lot of changes.”
The complex is located on Routes 9 and 47 in Cape May County. The centers were opened in 2005 and 2006, and are fully leased. Other tenants include Starbucks, GNC, and Sonic Restaurant.
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