Ridgemont Shopping Center at 169-199 Kinderkamack Road in Park Ridge — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a nearly 72,000-square-foot, grocery-anchored retail property in Park Ridge for $17 million, according to a brokerage team with Marcus & Millichap.
In a news release, the firm said the Ridgemont Shopping Center at 169-199 Kinderkamack Road is home to 12 national and regional tenants, including Lidl, Staples, Chase Bank and Starbucks. The 71,650-square-foot property also benefits from its location in an area with an average household income of $194,000 within a three-mile radius and a median home value of $672,924.
Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz worked alongside Bill Farkas of Jeffery Realty to market the center and procure the buyer.
“It’s extremely rare to see grocery-anchored shopping centers come to market in New Jersey, especially the dominant center in one of Bergen County’s most attractive towns,” said Alan Cafiero, a senior managing director for investments. “It’s no surprise there was tremendous interest in this asset, as we received more than 20 written offers from investors.”
