1031 Exchange buyer purchases property at 2819 JFK Boulevard in North Bergen, NJ
NORTH BERGEN, NJ — A 41,000 s/f, grocery-anchored North Bergen shopping center has traded in a $19.0 million sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. The 1031 Exchange buyer purchased the property at 2819 JFK Blvd. from a joint venture partnership.
The fully leased asset is located on Rte. 495, just off Rte. 3 and less than one mile from the Lincoln Tunnel. Redeveloped in 2015 to accommodate its anchors – Aldi and Crunch Fitness, both of which have long-term commitments – the center also includes a free-standing Sonic drive-in restaurant.
The 2819 JFK Blvd. offering drew robust bidding activity, according to Cushman & Wakefield’s Brian Whitmer, who represented the seller and procured the buyer with
Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Nick Karali.
“Limited grocery-anchored retail product has come online recently in New Jersey and throughout the Northeast market in general,” he said. “It makes sense that properties with term and credit are being pursued aggressively by institutional and private investors. 2819 JFK Blvd. was no exception.”
Pollack noted that the Hudson County property serves a dense population – 549,000 people within a three-mile radius – and benefits from high average daily traffic counts on Rte. 495 (188,000 vehicles) and JFK Blvd. (25,000 vehicles). “Rte. 495 is one of only three commuting corridors leading to Manhattan, providing 2819 JFK Blvd. with a visible, convenient location for patrons,” he added.