2819 John F. Kennedy Blvd. in North Bergen — Courtesy: Cushman & Wakefield
By Joshua Burd
A grocery-anchored shopping center just ahead of the Lincoln Tunnel has a new owner, following a $19 million investment sale brokered by Cushman & Wakefield.
The firm’s capital markets team represented the seller of the 41,000-square-foot, fully leased property, which sits at 2819 John F. Kennedy Blvd. in North Bergen, C&W said in a news release. The unnamed purchaser acquired the complex as part of a 1031 exchange.
Anchored by Aldi and Crunch Fitness, which both have long-term leases, the center is located on Route 495, just off Route 3 and less than one mile from the Lincoln Tunnel, the news release said. Its previous owner redeveloped the property in 2015 to accommodate the anchor tenants.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group of Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Nick Karali represented the seller and procured the buyer. Whitmer said the property drew robust bidding activity.
“Limited grocery-anchored retail product has come online recently in New Jersey and throughout the Northeast market in general,” Whitmer said. “It makes sense that properties with term and credit are being pursued aggressively by institutional and private investors. 2819 JFK Boulevard was no exception.”
Pollack added that the Hudson County property serves a dense population of 549,000 people within a three-mile radius, sitting just off a highly trafficked artery leading to the tunnel. The center also includes a freestanding Sonic drive-in restaurant.
“Route 495 is one of only three commuting corridors leading to Manhattan, providing 2819 JFK Boulevard with a visible, convenient location for patrons,” Pollack said.
