Washington Bridge Plaza at 2151 Lemoine Ave. in Fort Lee — Courtesy: The Goldstein Group
By Joshua Burd
An investor has acquired a 47,000-square-foot retail property in downtown Fort Lee for $37 million, in a deal arranged by Booth Street Realty and The Goldstein Group.
According to a news release, the complex at 2151 Lemoine Ave. is leased to national tenants such as Walgreens, Dollar Tree and Jersey Mike’s as well as several regional and local operators. That contributed to the appeal for the buyer, Young Property LLC, in the deal with AAC Fort Lee Properties LLC.
“We were able to assist a longtime client who needed a 1031 exchange,” said CJ Huter, a vice president with The Goldstein Group. “There were many obstacles to overcome including timing, but all parties were able to deal with the issues and bring the deal to fruition.”
Huter joined The Goldstein Group Director Marc Palestina and Executive Vice President Lew Finkelstein in representing the buyer. Baruch (Bruce) Herman of Booth Street Realty represented the seller of what’s known as Washington Bridge Plaza.
In announcing the deal, The Goldstein Group noted the center benefits from its location in Fort Lee’s main commercial corridor and proximity to more than 2,250 multifamily units within a half-mile radius. Adjacent retailers include ACME Markets, Starbucks, McDonalds and Valley Bank, while the downtown is home to more than 30 restaurants, bars and cafes.
Meantime, patrons have easy access to the George Washington Bridge, Interstate 95 and routes 46 and 4.
