X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROCKAWAY, NJ-The Marketplace at Rockaway has traded for $29 million, according to Cushman & Wakefield Inc.’s Metropolitan Area Capital Markets Group. The commercial real estate investment sales team represented the seller, an undisclosed institutional client, and procured the buyer, Friendwell Group of Cos., in the retail property transaction.

The 241,000-square-foot Marketplace at Rockaway sits on Enterprise Drive next to the Rockaway Mall, in the heart of Morris County’s most concentrated retail neighborhood. Anchored by Wal-Mart, the shopping center also houses Bed, Bath & Beyond and DSW Shoe Warehouse.

“The Marketplace at Rockaway’s nearly pristine rent roll and quality construction drew strong interest, notwithstanding current market challenges,” says Cushman & Wakefield’s Gary Gabriel, who headed the assignment with team members Andrew Merin, David Bernhaut and Jose Cruz.

According to Merin, existing financing on the Marketplace at Rockaway materially enhanced the appeal of the asset. “Friendwell Group of Companies assumed a seven-year loan as part of the purchase, which assisted the execution significantly,” he adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.