A Florida REIT has acquired a parcel that includes a Kmart store in Lodi, a new tenant moved into Alfred Sanzari Enterprises' Court Plaza in Hackensack, students at the University of Pennsylvania have another place to buy bagels, and Montclair residents have a new upscale oil and vinegar shop, all in this week's deal tracker roundup.
Acquisitions
LODI, NJ — Sterling Organization, a vertically integrated private equity real estate investment firm in Palm Beach, FL, acquired a 6.33-acre parcel occupied by an 85,000-square-foot Kmartin Lodi, NJ, in an off-market transaction from an undisclosed seller via Sterling Value Add Partners II. Kmart anchors a larger shopping center that includes an Aldi grocery store and Blink Fitness, which were not part of the transaction. The shopping center is located on Memorial Drive, the town's main retail thoroughfare. “The Lodi transaction represents an excellent opportunity to add significant value on behalf of our investors in one of the country's strongest markets,” says Brian Kosoy, managing principal, president and CEO of Sterling Organization. “We think we will ultimately have the opportunity to re-tenant the Kmart box with new tenants that should vastly improve the quality of the tenancy while materially increasing the rents at the property. We believe it is hard to go wrong with irreplaceable real estate in such a mature, dense, infill New York metro location.”
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