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. Tags: