A retail center in Park Ridge changed hands for $17 million in a sale arranged by Marcus & Millichap. The 71,650-square-foot Ridgemont Shopping Center, located at 169-199 Kinderkamack Road is fully occupied with a dozen regional and national tenants.
The deal was brokered by Senior Managing Director Investments, Alan Cafiero, First Vice President Investments, David Cafiero and Senior Associate, John Moroz, all of Marcus & Millichap’s New Jersey office in Saddle Brook along with Bill Farkas of Jeffery Realty. The team marketed the shopping center on behalf of the seller and procured the buyer. The name of the investor who purchased the property has not been disclosed.
“It’s extremely rare to see grocery-anchored shopping centers come to market in New Jersey, especially the dominant center in one of Bergen County’s most attractive towns,” said Marcus & Millichap’s Alan Cafiero, “It’s no surprise there was tremendous interest in this asset, as we received more than 20 written offers from investors.”
The Bergen County retail center is anchored by a Lidl supermarket. Additional tenants include Staples, Chase Bank, and Starbucks as well as other local businesses and restaurants. Ridgemont Shopping Center was first built in 1962 and covers 7.23 acres with 328 parking spaces. The property is situated in an affluent area with a median home value of $672, 924 and an average household income (within a three-mile radius) of $194,000.
Marcus & Millichap, Inc. is a national brokerage firm that specializes in commercial real estate investment sales, financing, research and advisory services.