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

Jan. 27, 2012 - PRLog -- ERG Property Advisors recently announced the sale of 500 Chestnut Ridge Road in Woodcliff Lake, NJ for $25 million.

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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ERG Property Advisors is a full-service commercial brokerage company based in New York City. Our core activities are investment sales, retail leasing, and strategic consulting. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG has access to a vast network of Triple Net properties throughout the United States. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles. Through strategic alliances with select companies we are able to offer our clients access to financing and financial market information, residential rental and sales brokerage services, and property management services.