Thursday, April 4, 2013

HFF closes sale/leaseback transaction involving four A&P grocery store sites in New Jersey and New York



FLORHAM PARK, NJ – HFF announced it has closed a sale/leaseback transaction involving four free-standing grocery store sites totaling 120,335 square feet in greater New York and northern New Jersey.

                HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Company and its affiliates.  

Jose Cruz
A private investor purchased the four properties for $25.8 million free and clear of existing debt, and simultaneously leased the properties back to an A&P entity.  A&P continues to operate grocery stores at each of the sites.

                The portfolio is comprised of 895 Paulison Avenue in Clifton, New Jersey; 49 Old Highway 22 in Clinton, New Jersey; 1886 Pleasantville Road in Briarcliff Manor, New York; and 410 West 207th Street in New York, New York. 

Andrew Scandalios
 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 as well as associate Marc Duval.

Kevin O'Hearn
 “The properties acquired in this portfolio are located in prime infill locations with compelling demographics and high average daily traffic counts,” said Cruz.  “Additionally, each of the properties has long established market positions and are well known within the local submarkets.”

Founded in 1859, A&P is one of the nation's first supermarket chains. The company operates more than 300 stores in six states under the following banners: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.

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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