Bentall Kennedy Grabs NJ Shopping Center
- Jun 22, 2018
Cushman & Wakefield has arranged the sale of Kearny Square, a 138,895-square-foot shopping center in Kearny, N.J. Bentall Kennedy’s U.S. Core Fund acquired the property from the developer, Welco Realty. BJ’s Wholesale Club anchors the premier shopping center. The same national retailer anchors JANAF Shopping Yard in Norfolk, Va.
Kearny Square is home to 13 other tenants, including New Jersey’s largest supermarket operator, ShopRite, as well as Chipotle, Five Below, PetSmart, KMart and Modell’s. The 2016-built asset is located at 200 Passaic Ave., along one of the most heavily trafficked routes in Northern New Jersey. Interstate 280 facilitates the transit to the area’s key points, with Newark, N.J., and Harrison, N.J., being five minutes away. Jersey City, N.J., is a 20-minute drive away.
“Kearny Square is distinguished by its location within Kearny’s redevelopment district, a UEZ Zone that offers a variety of sales and use tax exemptions and other incentives,” said Cushman & Wakefield Vice Chairman Andy Merin, in a prepared statement. Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Seth Pollack and Frank DiTommaso II represented both parties in the transaction.
Image courtesy of Cushman & Wakefield