 |
| Marketplace at Edgewater, Edgewater, NJ |
 |
| Mark Taylor |
The shopping center sold for $16,375,000 and the pad site
brought $4,230,000. The total sales price for both sites equates to $232 per
square foot.
Mark
Taylor and Dean Zang, both first vice presidents investments, and Christopher
Munley, a vice president investments, all in Marcus & Millichap’s
Philadelphia office, represented the seller, a private investor.
 |
| Dean Zang |
“The sale
of Marketplace at Edgewater is indicative of the surge in demand we are seeing
for Northern New Jersey retail properties,” says Taylor.
 |
| Greg Babaian |
“Investors throughout the Tri-State Area are keen on the
area’s local retail properties due to the region’s economic stability,
concentration of high-income households and proximity to Manhattan,” adds
Munley.
“This was a complex transaction that included three leasehold interest leases, the State of New Jersey’s riparian rights and separate owners of the ground underlying the three parcels of land,” concludes Taylor.
Built in
1990 on approximately 6.4 acres, the center is situated along the Hudson River
near the George Washington Bridge at 725 Tower Road in Edgewater, N.J.
Marketplace at Edgewater is anchored by Trader Joe’s, which
leases the pad site. Other tenants include Animal General, Binghampton Bagel,
Chase Bank, Fast Frames, H&R Block, PetValu, River Pet Resorts and Scerbo
Physical Fitness.
For a
complete copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
No comments:
Post a Comment