Morris adds Bayonne shopping center to portfolio.
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."
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|Title Annotation:||NEW JERSEY|
|Publication:||Real Estate Weekly|
|Date:||Jan 10, 2007|
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