Marcus & Millichap brokers $37.077 million sale of three ShopRite supermarket properties

Marcus & Millichap Real Estate Investment Services has brokered the sale of two ShopRite-anchored shopping centers and one freestanding ShopRite store in Upstate New York. The sales price for the portfolio was $37.077 million. Steven Siegel, vice president investments and senior director of the firm's National Retail Group in Manhattan, represented the seller, a New York-based institutional owner, and the buyer, a New York-based supermarket buyer. "ShopRite's excellent reputation in the region, and the ability to own three supermarket- anchored assets located within a short drive of New York City, created a great deal of interest and competition for this portfolio," said Siegel. The three properties and their sales prices are: * ShopRite Plaza - Warwick, Rte. 94 South, Warwick, $19,385,783 or $242 per s/f. * ShopRite Plaza - Ellenville, $9,122,722 or $161 per s/f. * Freestanding ShopRite - Adjacent to Fairview Plaza, Hudson, $8,568,495 or $143 per s/f. "Buyers were interested in this portfolio because the properties are supermarket-anchored and management-free," said Siegel. "SRS has a long-term master-lease on the two multi-tenanted properties within the portfolio. The triple-net aspect of the product appealed to buyers throughout the United States—institutions, REITS, local players, shopping-center owners and 1031 buyers—who were bidding against each other." ShopRite Supermarkets Inc. (SRS) is a wholly owned subsidiary of Wakefern Food Corp., a co-op with grocery chains ShopRite and PriceRite combining for more than 245 stores.