BAYONNE, NJ-The Morris Cos., of Rutherford, has added Bayview Shopping Center here to its retail portfolio, buying the 102,000-sf, A&P-anchored center from a partnership of G. Heller Enterprises of Edgewater and James Dugan. The sale price was not disclosed.
"Bayview is a fully leased, grocery-anchored center in one of the New York metropolitan area's most densely populated suburban markets," says Andrew Merin, who heads Cushman & Wakefield's Metropolitan Area Capital Markets Group. Merin co-brokered the deal with C&W colleagues David Bernhaut, Gary Gabriel and Jose Cruz.
"Very few shopping centers were marketed for sale in Northern New Jersey during 2006," Merin says. "This was a great opportunity for Morris to acquire control of a well-located, significant asset."
Originally developed by Heller, Bayview Shopping Center was completed in 2001 and is one of the newest grocery-anchored centers in the Bayonne-area marketplace. It is located on Avenue A in this Hudson County city and draws its traffic both from local and commuter patrons exiting off Route 440, the area's primary north/south thoroughfare. It also sits a mile north of the Bayonne Bridge, which connects this city with New York's Staten Island. Besides A&P, the property's tenants include Rag Shop, Subway, EB Games and Rockaway Bedding, among others.
"All but one of the center's nine tenants have been there since it opened, and very limited rollover exposure exists during the next four years," Cruz says. "Because of the property's age and its management, near-term capital expenditures should be minimal. It is a solid all-around investment for Morris."
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