(ICSC RECON is coming up and GlobeSt.com has a month of special coverage in the works. Don’t miss a bit of it. Click here for more information.)
BAYONNE, NJ-Bayonne Crossing, the 356,647-square-foot shopping center opened last year at a highway interchange in Bayonne, has been sold to a subsidiary of Inland Diversified Real Estate Trust for $67.9 million, plus future earnout payments of up to $7.3 million for vacant spaces leased within the next year, totaling $75.2 million.
The shopping center is currently 97% occupied by 22 major tenants, including Walmart and Lowe’s Home Improvement. The Cameron Group, a mixed-use property development, investment and management firm based in Syracuse, NY, sold the property.
HFF's senior managing directors Jose Cruz and Andrew Scandalios and directors Kevin O’Hearn and Jeffrey Julien arranged the sale. “I am very pleased to have closed on the purchase of what I believe to be one of the finest retail assets I have ever acquired,” says Joe Cosenza, president of Inland Real Estate Acquisitions, who handled the transaction for the parent company, a publicly owned REIT. “Bayonne Crossing’s unique location draws from 525,000 people within a five-mile radius, and it’s within an Urban Enterprise Zone that gives patrons a 50% break on the state sales tax.”
The two anchor tenants at the newly-built center, located on land once owned by John D. Rockefeller, are a 91,109-square-foot Walmart Urban Store and a 146,583-square-foot Lowe’s. Other tenants include Michaels, Dollar Zone, Longhorn Steakhouse and T.G.I. Friday’s.
“This center is the perfect blend because it has restaurants, grocery, home apparel, beauty and fitness,” says Cosenza. “In addition, Bayonne Crossing’s New York Sports Club had one of the company’s best grand openings ever and will continue to be an excellent draw.”
The purchase was made with proceeds from an offering and a $45 million loan secured at closing, according to the purchasing agreement. Vacant spaces at the center totaling 10,827 square feet are subject to the earnout payments only if leased in the next 12 months.
Inland Real Estate Acquisitions, Inc. is the purchasing arm for various Inland subsidiaries. The company is headquartered in Oak Brook, IL, and owns and manages more than 129 million square feet of commercial real estate in 48 states, as well as manages assets worth about $25.3 billion.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
