March 8, 2017
Institutional and private investors bid aggressively to buy a shopping center anchored by an Aldi grocery store in North Bergen, NJ. A buyer paid $19 million for the 41,000-square-foot property — roughly $500 per square foot.
“Limited grocery-anchored retail product has come online recently in New Jersey and throughout the Northeast market in general,” said Brian Whitmer, for Cushman & Wakefield, which represented the seller and procured the buyer, which were not disclosed.
The fully-leased property at 2819 JFK Boulevard is on Route 495, just off Route 3 and less than one mile from the Lincoln Tunnel. Redeveloped in 2015, the center has long-term commitments from its anchors, Aldi and Crunch Fitness. The center also includes a free-standing Sonic drive-in restaurant.
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