FLORHAM PARK, NJ—A private investor has paid $25.8 million for four freestanding grocery store sites totaling 120,335 sq. ft. of space in New York and northern New Jersey. HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Co. and its affiliates. The buyer purchased the properties free and clear of existing debt, and simultaneously leased the properties back to A&P, which continues to operate grocery stores at each of the sites.
Properties acquired by the investor include 895 Paulison Ave. in Clifton, N.J.; 49 Old Highway 22 in Clinton, N.J.; 1886 Pleasantville Road in Briarcliff Manor, N.Y.; and 410 West 207th Street in New York, N.Y.
The HFF team representing the seller was led by Jose Cruz and Andrew Scandalios, senior managing directors, Kevin O’Hearn and Jeffrey Julien, managing directors, and Marc Duval, associate.
“The properties acquired in this portfolio are located in prime infill locations with compelling demographics and high average daily traffic counts,” said Cruz. “Additionally, each of the properties has long established market positions and are well known within the local submarkets.”