August 4, 2017
Urstadt Biddle Properties paid top dollar for a rare, suburban mixed-use property, with 26 rental apartments and 75,400 square feet of retail space anchored by a high-performing Stop & Shop in Dumont, NJ.
“Supermarket-anchored product remains a favorite among investors, and Washington Commons provides the added benefit of its location in the heart of highly sought-after Bergen County,” said Seth Pollack, capital markets specialist for Cushman & Wakefield, which brokered the transaction between Urstadt and a private seller.
Pollack did not disclose the selling price, but capitalization rate for the fully-occupied property worked out to 6.2% at the time of the sale. (Cap rates represent the income for a property as a percentage of sale price.) That’s an attractive yield for 5.5-acre property, which includes four in-line retail tenants, in addition to the grocery store and apartments.
For comments, questions or concerns, please contact Bendix Anderson