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| 500 Chestnut Ridge Road Shopping Center Woodcliff Lake, NJ |
FLORHAM PARK, NJ - HFF announced today that it has closed
the sale of 500 Chestnut Ridge Road, a 70,000-square-foot
grocery-anchored retail center in Woodcliff Lake, New Jersey.
HFF marketed the property on behalf of the seller, AAG
Management, Inc. A private entity
purchased the asset for $29 million or $414 per square foot.
500 Chestnut Ridge Road is located in Bergen County in close
proximity to the Garden State Parkway.
Renovated in 2011, the 100 percent leased center is anchored by A&P
Supermarket. Other tenants include
Luxury Nail & Spa, A+ Cleaners, Wine & Liquors and Marco Polo’s.
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| Jose Cruz |
The HFF investment sales team representing the seller was
led by senior managing directors Jose Cruz and Andrew Scandalios,
managing directors Kevin O’Hearn and Jeffrey Julien and associate
director Michael Oliver.
“The opportunity to acquire a fully-leased grocery-anchored
shopping center in a densely populated suburban location within one of the top
50 retail markets in the United States made this property particularly
attractive to investors,” commented Cruz.
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| Andrew Scandalios |
New York City-based AAG Management, Inc. has more than 50
years of experience in commercial, residential and retail ownership and
management.
The company currently owns and manages more than 700
residential apartments, 100 retail stores, 500,000 square feet of office space,
1.5 million square feet of triple net-leased retail and 1.5 million square feet
of triple net-leased industrial properties located in 13 states from New York
to Alaska
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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