FLORHAM PARK, NJ – HFF completed a sale/leaseback deal involving four free-standing grocery store sites totaling 120,335 square feet in northern New Jersey and New York.
HFF marketed the properties as part of a nine-property portfolio owned by Great Atlantic & Pacific Tea Company and affiliates. A private investor purchased the four properties for $25.8 million, and simultaneously leased the properties back to an A&P store.
The store sites are 895 Paulison Avenue in Clifton; 49 Old Highway 22 in Clinton,; 1886 Pleasantville Road in Briarcliff Manor, NY; and 410 West 207th Street in New York City.
HFF investment sales team for the transaction included Jose Cruz, Andrew Scandalios, Kevin O'Hearn,Jeffrey Julien and Marc Duval.
“The properties acquired in this portfolio are located in prime infill locations with compelling demographics and high average daily traffic counts,” said Cruz. “Each of the properties has long-established market positions and are well-known within the local submarkets.”
Founded in 1859, A&P operates more than 300 stores in six states under the banners of A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.
Based in Florham Park, HFF operates out of 21 offices across the country.
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