French and Dalzell of Sperry Van Ness sell 440 Commons for $24.6 million

Sperry Van Ness, one of the nation's largest commercial real estate brokerage firms, has completed the sale of 440 Commons, a regional shopping center located on Rte. 440 to a private investor of Parkland, Fla. for $24.6 million. Joseph French, CCIM and Thomas Dalzell of Sperry Van Ness, based out of White Plains, NY represented the seller, Developers Diversified Realty out of Beachwood, Ohio as well as the buyer. Originally built in 1997 and situated on 15 acres, the 162,533 s/f property is 100% occupied by Home Depot & Raymour & Flanigan. This sale was one of the most challenging assignments French's team has undertaken. Jersey City has undergone gentrification over the past decade. Working closely with the Jersey City Economic Development Corp., Sperry Van Ness was able to present a vision of the area's future. 440 Commons is surrounded by contiguous lots that will be redeveloped. After overcoming the challenges of the property and the capital markets, French's team was able to achieve 95% of the asking price, which equates to a 6.76% cap rate for its client. Founded in 1987, Sperry Van Ness is one of the largest and fastest-growing commercial real estate brokerage firms in the industry, with more than 990 advisors in over 150 locations. Sperry Van Ness delivers results for clients through a proven business model that immediately markets every one of its clients' properties to the entire brokerage community as well as its own investor data base. Based in Irvine, Calif., the firm operates internationally and provides brokerage, consultation, asset management, property management, leasing, accelerated marketing, and auction services. Sperry Van Ness represents clients in billions of dollars annually in office, multifamily, retail, industrial, self-storage, hospitality and land transactions. For more information, please visit www.svn.com.