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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