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500 Chestnut Ridge Road Woodcliff Lake NJ
500 Chestnut Ridge Road, Woodcliff Lake, N.J.

AAG Management Sells New Jersey Center for $29M

AAG Management Inc. sold 500 Chestnut Ridge Road, a 70,000-sq.-ft. grocery-anchored shopping center in Woodcliff Lake, N.J., to a private entity for $29 million or $414 per sq. ft.

The center underwent a renovation in 2011. It is currently 100 percent leased. A&P Supermarket anchors the property. Other tenants include Luxury Nail & Spa, A+Cleaners, Wine & Liquors and Marco Polo’s. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver, of HFF, represented the seller in the transaction.

Blackstone Buys UBS’ Interest in Two Kimco Joint Ventures in $1.1B Deal

The Blackstone Group signed a definitive agreement with UBS Wealth Management—North American Property Fund to purchase UBS’ equity interest in two retail joint ventures managed by Kimco Realty Corp. in a transaction valued at approximately $1.1 billion. The joint ventures encompass 40 shopping centers totaling approximately 5.6 million sq. ft. of space.

In addition, Kimco reached a preliminary agreement with Blackstone to increase its ownership stake in the ventures from 18 percent to 33 percent.

Other Notable Deals

An affiliate of Paragon Realty Group LLC bought Chichester Square, a 29,025-sq.-ft. retail center in Boothwyn, Pa., from a partnership of Montgomery Realty and RPC Real Estate for $4.1 million. The buyer secured a conduit loan from JP Morgan Chase for the property, featuring a fixed interest rate in the mid-4 percent range and a 10-year term. At the time of the sale, Chichester Square was 83 percent occupied. Dean Zang and Mark Taylor, of Marcus & Millichap Real Estate Investment Services, represented both parties in the transaction.

RGK Development Inc. sold 445 Terrill Road, a 6,240-sq.-ft. retail building in Scotch Plains, N.J., to Covington Realty Partners for $2.95 million. The property is currently occupied by an Advance Auto Parts store. Lew Finkelstein and CJ Huter, of The Goldstein Group, represented the seller in the transaction.

An entity affiliated with Century Retail sold Century Shoppes of Gainesville, an 8,106-sq.-ft. strip center in Gainesville, Fla., to a private investor for $2.3 million. The center was completed in 1977 and renovated in 2009. Tenants at the property include Five Guys Burgers & Fries, Batteries Plus, Planet Smoothie and Subway. Daniel Baker and Cliff Taylor, of CBRE, represented the seller in the transaction.

The Cogent Group acquired 15 KFC properties in North Carolina. The properties feature long-term triple net leases with initial 20-year terms and renewal options. They are located in Greensboro, Winston Salem and High Point.

WP Realty and Angelo, Gordon & Co. sold Fairlawn Town Centre, a 447,037-sq.-ft. community shopping center in Fairlawn, Ohio. Anchor tenants at the center include Giant Eagle, Target, Home Goods, Pet Supplies Plus, Ashley Furniture and Marc’s. WP Realty purchased the property in May 2010.

Kroger Limited Partnership of Cincinnati bought Ashton Place Shopping Center, a 76,947-sq.-ft. Kroger-anchored shopping center in Charleston, W.V., for an undisclosed amount. The property was completed in 1989 and was 100 percent occupied at the time of the sale. Kevin T. Fryman, of Hanley Investment Group Real Estate Advisors, represented the seller, a private investor, in the transaction. Kroger represented itself.

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