{"id":1004186464,"date":"2017-08-09T04:56:02","date_gmt":"2017-08-09T12:56:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004186464"},"modified":"2021-05-14T23:52:29","modified_gmt":"2021-05-15T07:52:29","slug":"nj-retail-centers-trade-for-34m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nj-retail-centers-trade-for-34m\/","title":{"rendered":"NJ Retail Centers Trade for $34M"},"content":{"rendered":"

By Corina Stef<\/p>\n

\"West<\/a>

West Belt Plaza, Wayne, N.J.<\/p><\/div>\n

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<\/a> in Dumont, N.J., and The Klein Group LLC.<\/p>\n

Service-oriented tenant roster<\/h2>\n

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.<\/p>\n

The other property is the Waldwick Shopping Plaza, a 26,500-square-foot center situated at\u00a0<\/strong>26 Franklin Turnpike in Waldwick. It includes 12 storefronts leased to Massage Envy, Little Gym, Spier\u2019s Liquors and Verizon, among others.<\/p>\n

\u201cRetail 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,<\/em>\u201d Pine said in a prepared statement.<\/p>\n

Image courtesy of\u00a0Gebroe-Hammer Associates<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The two properties total 110,000 square feet and were sold to an affiliate of Urstadt Biddle Properties Inc. and The Klein Group LLC, in a transaction brokered by Gebroe-Hammer Associates. <\/p>\n","protected":false},"author":241,"featured_media":1004186469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1600,21742,10,21749],"tags":[37164,37165,37131],"class_list":["post-1004186464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-new-york","category-latest","category-northeast","category-retail","tag-gebroe-hammer-associates","tag-the-klein-group","tag-urstadt-biddle-properties-inc"],"acf":[],"yoast_head":"\nNJ Retail Centers Trade for $34M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nj-retail-centers-trade-for-34m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NJ Retail Centers Trade for $34M\" \/>\n<meta property=\"og:description\" content=\"The two properties total 110,000 square feet and were sold to an affiliate of Urstadt Biddle Properties Inc. and The Klein Group LLC, in a transaction brokered by Gebroe-Hammer Associates.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nj-retail-centers-trade-for-34m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-08-09T12:56:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T07:52:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Webp.net-resizeimage.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nj-retail-centers-trade-for-34m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nj-retail-centers-trade-for-34m\/\",\"name\":\"NJ Retail Centers Trade for $34M - 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