The KABR Group of Ridgefield Park and joint venture partner BTF announced Oct. 20 the acquisition of a grocery-anchored retail site in Rockland County, N.Y., for $30 million.
The 125,110-square-foot New City Shopping Center is 96% leased, according to the partners, who plan a comprehensive modernization of the complex.
“KABR is thrilled to partner with BTF and acquire a premier grocery anchored retail location,” said Adam Altman, co-founder and managing member at KABR Group.
Added Ben Malinsky of BTF, “The access and demographics make this an exceptional location for retailers.”
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Located directly off Route 304 – with average daily traffic counts numbering 22,000 vehicles, according to the JV – New City Shopping Center offers a complementary tenant mix anchored by a ShopRite grocery store in the county’s central business district, less than an hour from Manhattan. The location is also near the Palisades Parkway and Interstate 287, and less than an hour to Bergen County, N.J.
Approximately 67,500 residents live within a 3-mile radius of the center, according to the JV, and an additional 320,000 residents live in Rockland County.
The unnamed seller was represented by a JLL Capital Markets Investment Sales and Advisory team, led by Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Andrew Scandalios and Austin Pierce.
“Investor demand for grocery anchored retail continues to remain strong as the stability of the current rent roll and future leasing upside provide a good yield with little downside exposure,” stated Cruz.
ICYMI: More from KABR Group
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