WAYNE AND WALDWICK, NJ—Two retail centers in Bergen and Passaic Counties changed hands for a combined $34 million in a transaction arranged by Gebroe-Hammer Associates.
Gebroe-Hammer's executive vice president, Greg Pine exclusively represented the seller and procured the buyers of West Belt Plaza in Wayne (UB Waldwick I) and Waldwick Shopping Plaza in Waldwick (The Klein Group). Morristown-based Segal & Segal was identified as the seller of the Waldwick Shopping Plaza by Real Capital Analytics, a proprietary research database.
“Recent news coverage might lead the general population to think retailers are in a slow descent when in fact quite a number of brands – from grocery stores to resellers and gyms – are actually expanding, particularly in historically strong submarkets such as Bergen and Passaic counties,” says Pine. “Both West Belt Plaza and Waldwick Shopping Plaza are well-located top-performers, with a diverse tenant roster and a nice balance of consumer products and lifestyle services.”
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