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ERG Announces $25 Million Sale of Retail Facility in Woodcliff Lake, New Jersey - ERG Property Advisors recently announced the sale of 500 Chestnut Ridge Road in Woodcliff Lake, NJ for $25 million - ERGPA.com
ERG Announces $25 Million Sale of Retail Facility in Woodcliff Lake, New Jersey

 

NewswireToday - /newswire/ - New York, NY, United States, 2012/01/27 - ERG Property Advisors recently announced the sale of 500 Chestnut Ridge Road in Woodcliff Lake, NJ for $25 million - ERGPA.com.

   
 
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The property is a 70,000-square-foot freestanding retail facility situated on a 313,632-square-foot lot. It is fully leased to The Great Atlantic and Pacific Tea Company (A&P) for a term of 25 years pursuant to a lease that commenced in 1996. It has eight, 5-year options remaining thereafter. The lease increases $1 per square foot every five years, including during the option periods. The cap rate is 7.4%.

The tenant is responsible for all property expenses including roof and structure. A&P operates approximately 61,000 square feet of the premises, and subleases the remaining 9,000 square feet to various local tenants. The average sub-tenant rent is currently estimated to be $31 per square foot on a triple net basis. Located just two miles from the A&P Corporate Headquarters, the store is considered a trophy location. A&P recently spent approximately $4,000, 000 in renovations on the store.
The site is located approximately 20 miles from New York City, and 10 miles from the Tappan Zee Bridge. The property is supported by strong demographics, with over 200,000 people located within a 5-mile radius, and an average household income that exceeds $105,000. Corporate headquarters in the area include BMW North America, Hilton Hotel, Perillo Tours, and a number of other corporate offices, including Sony, KPMG, IBM, and Minolta.

For more information about this property, please contact Richard T. Guarino at 646-253-0909 or rguarino[.]ergpa.com, Andrew Greenberg at 646-253-0950 or agreenberg[.]ergpa.com or Christopher Pedota at 646-253-0962 or cpedota[.]ergpa.com.

 
 
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Written by / Agency / Source: ERG Property Advisors

 
 

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ERG Announces $25 Million Sale of Retail Facility in Woodcliff Lake, New Jersey

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Publisher Contact: Michelle Babinsky - ERGPA.com 
212-807-6640 pr[.]ergpa.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any ERG Property Advisors securities in any jurisdiction including any other companies listed or named in this release.

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