August 4, 2017 Comments Off on Retail and Apartments Sell in Dumont, NJ Views: 798 New York News, Tri-State Area New York

Retail and Apartments Sell in Dumont, NJ

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.

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