By Corina Stef
A pair of New Jersey regional retail centers changed ownership in a deal valued at $34 million. Gebroe-Hammer Associates Executive Vice President Greg Pine marketed the properties on behalf of the seller. The company also procured the buyers, UB Waldwick I LLC, an affiliate of real estate investment trust Urstadt Biddle Properties Inc., which recently acquired a share in the Washington Commons Shopping Center in Dumont, N.J., and The Klein Group LLC.
Service-oriented tenant roster
The first property is the 90,000-square-foot West Belt Plaza, at 22 W. Belt Plaza in Wayne. The retail center features 16 storefronts occupied by Home Goods, PetSmart, Starbucks, Fidelity Investments and Scottrade, to name a few. The asset is strategically located along Route 23 and sits in the vicinity of Willowbrook Mall and the newly refurbished Wayne Towne Center. Additionally, it is close to the intersection of Interstate 80 and routes 46 and 23, providing tenants and shoppers with easy access throughout the area.
The other property is the Waldwick Shopping Plaza, a 26,500-square-foot center situated at 26 Franklin Turnpike in Waldwick. It includes 12 storefronts leased to Massage Envy, Little Gym, Spier’s Liquors and Verizon, among others.
“Retail properties are undergoing their own adaptation phase as consumers steer from buying goods in bricks-and-mortar stores to more experiential spending. Restaurants, spas and fitness are now more likely to draw shoppers and this is not expected to change over the course of the next few years. As a result, retail landlords are seeking to attract service-oriented tenants that fit with contemporary consumer tastes,” Pine said in a prepared statement.
Image courtesy of Gebroe-Hammer Associates