Printer Friendly

Morris adds Bayonne shopping center to portfolio.

The Morris Companies has added Bayview Shopping Center in Bayonne to its New Jersey retail portfolio, announced Cushman & Wakefield's Metropolitan Area Capital Markets Group.

The firm purchased the 102,000 s/ f, A&P-anchored center from a partnership of G. Heller Enterprises and James Dugan for an undisclosed amount.

The Metropolitan Area Capital Markets Group orchestrated the December sale, led by Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz. According to Merin, the offering was well received and drew more than one dozen bids.

"Bayview is a fully leased, grocery-anchored center in one of the New York Metropolitan area's most densely populated suburban markets," he said. "Very few centers were marketed for sale in northern New Jersey during 2006, and this was a great opportunity to acquire control of a well located, significant asset."

Completed in 2001, Bayview Shopping Center is one of the most recently constructed grocery-anchored shopping centers in the Bayonne market. It is located on Avenue A, which serves both local and commuter patrons exiting off Route 440, the area's primary north/ south thoroughfare. It sits just one mile north of the Bayonne Bridge leading into Staten Island. Other tenants include Rag Shop, Subway, EB Games and Rockaway Bedding, among others.

"All but one of the center's nine tenants have been there since it opened, and very limited rollover exposure exists during the next four years," Cruz noted. "Due to the property's age and professional management, near term capital expenditures should be minimal.

"It is a superb, all-around investment for The Morris Companies."
COPYRIGHT 2007 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:NEW JERSEY
Publication:Real Estate Weekly
Date:Jan 10, 2007
Words:257
Previous Article:Aztec designs begin to add up for accounting firm.
Next Article:Trammell Crow has big plans for Madison Avenue complex.
Topics:


Related Articles
Institutional investment up in Northern New Jersey.
Bayonne becoming hot spot for commercial space.
David Cronheim Mortgage Company.
Baker breaks ground: Bayonne to be site of luxury townhomes.
New $37m Bayonne golf club.
On the Bayonne waterfront.
New-look waterfront takes shape in Bayonne.
Persson helps take occupancy at Woodbridge Plaza to 91%.
Lightstone sells six-center retail portfolio for $16m.
Family sells-off final property from original 3,000 apartment portfolio.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters