SECAUCUS, NJ—Mill Creek Mall LLC, a company affiliated with Hartz Mountain Industries, sold the Mall at Mill Creek in Secaucus, NJ, to an affiliate of New York Life Insurance for $76.2 million. The sale, which closed earlier this year, was announced by CBRE.
Real Capital Analytics, a proprietary research database, says the sale price, equivalent to $179 per square foot, was at a 5.5 percent cap rate for the 1986-vintage, 424,000 square-foot property.
A team from CBRE National Retail Partners led by Jeffrey Dunne, David Gavin and Travis Langer represented the owner in the sale. The team also found the buyer through NYL Real Estate Investors on behalf of an institutional client that was not identified.
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