New Jersey Firm Acquires Rockland County Shopping Center for $30 Million
Real Estate In-Depth | October 25, 2022
NEW CITY—The KABR Group and joint venture partner BTF have recently completed the $30-million purchase of the 125,110-square-foot New City Shopping Center, located at 78 North Main Street here.
The retail site is currently 96% leased that is anchored by a ShopRite grocery store. KABR and BTF report they are planning a comprehensive modernization of the shopping center. The grocery anchored retail asset currently contains a complementary tenant mix with strong demographics, traffic counts and access. The new ownership is looking to transform the property into the premier retail destination in the trade area.
“KABR is thrilled to partner with BTF and acquire a premier grocery-anchored retail location,” said Adam Altman, co-founder and Managing Member at KABR Group. “The access and demographics make this an exceptional location for retailers,” said Ben Malinsky of BTF.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Andrew Scandalios and Austin Pierce.
“Investor demand for grocery anchored retail continues to remain strong as the stability of the current rent roll and future leasing upside provide a good yield with little downside exposure,” stated Cruz.
The New City Shopping Center is located directly off Route 304, which has an average annual daily traffic of 22,000 vehicles. The property is also near other local and regional roadways, including the Palisades Parkway and I-287. Approximately 67,500 residents live within a three-mile radius of the center.