Robert Squires, vice president, The Kislak Company, with 1347 Kennedy Blvd., Bayonne, NJ
BAYONNE, NJ–MJ Property Group acquired a Family Dollar-anchored shopping center at 1347 Kennedy Boulevard in Bayonne, NJ, for $9.6 million.
Kislak Company vice president Robert Squires represented both parties in the transaction.
“Hudson County is among the strongest submarkets in New Jersey for investment properties” says Robert Holland, Kislak president. “There is great demand among investors for well-located and well-performing properties. Rob did an outstanding job bringing this property to market and selling it.”
The property includes a 53,000 square foot single-story shopping center with 14 stores and on-site parking on 3.4 acres. It is located at the corner of John F. Kennedy Boulevard and West 63rd Street, close to the Jersey City border. In addition to Family Dollar, tenants include the New Jersey Motor Vehicle Commission and such national tenants as Pizza Hut, Rent-A-Center, and Enterprise Rent-A-Car. The center has been owned by the same family since 1987 and has historically been 100 percent occupied. The property sold for $182 per square foot and a 6.1 percent cap rate based on the in-place net operating income.
“Properties such as this rarely become available,” says Squires. “This center has been in the same family since the 1980s and has proven to be a well-performing asset.” “Once we were engaged on an exclusive basis to market and sell the property, we immediately contacted our retail investors who showed tremendous interest in acquiring the property. After receiving eight offers, the seller chose to proceed with MJ Property Group, a very well-qualified purchaser that has been active purchasing value-add retail deals. This was a perfect fit for them, the transaction closed smoothly and I look forward to working with both parties in the future.”
The seller was represented by Scott Herzog, Esq. of Fort Lee, NJ, and the purchaser was represented by Adam Bayroff, Esq. of Jericho, NY.