The seller was The Tandem Fund, a closed-end pension fund that is part of a Canadian-based financial services organization. In the transaction, Cushman & Wakefield's Metropolitan Area Financial Services Group of East Rutherford, NJ, which handles real estate investment banking for C&W in the tri-state New York metro area, represented the seller and procured the buyer.
"This asset is arguably one of the region's premier neighborhood strip centers in terms of leasing and location," says Andrew J. Merin, executive vice president of the Metropolitan Area FSG. "It offers fantastic demographics - a densely populated area with a high average household income, but limited competition from other food stores within five miles."
The food store in this case is Kings, an upscale supermarket chain that was recently acquired by New York-based D'Agostino. Besides Kings' anchor slot, the 100%-leased center has a tenant roster that includes CVS, PNC Bank, Peapack-Gladstone Bank and McDonald's. The Village at Bedminster sits at the intersection of I-78, I-287 and Routes 202 and 206, at the entrance to the Hills of Bedminster, an upscale mixed-use complex. Bedminster is located in a well-to-do area of Somerset County in Central New Jersey.
"Grocery-anchored retail is the most sought-after real estate investment in the market today, and The Village at Bedminster offering attracted a great deal of attention from interested bidders," according to Merin. "The timing was perfect for Tandem to take advantage of the current climate.
"And Crow Holdings added to its portfolio an ideally located, well-tenanted center that is insulated from future competition," Merin continues. "This sale was a solid transaction for everyone involved."
Cushman & Wakefield's Metropolitan Area FSG was founded in the late 1980s by Merin and executive director David Bernhaut. It operates throughout Northern and Central New Jersey, New York's Long Island and Westchester County and Fairfield County, CT.
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