By Joshua Burd
The KABR Group and BTF have purchased a grocery-anchored retail center in Rockland County for $30 million, in a deal by JLL’s Morristown-based capital markets team.
The firms, which acquired the New City Shopping Center from an undisclosed buyer, plan to update the 125,110-square-foot property at 78 North Main St., in the New City section of Clarkstown. The complex is currently 96 percent leased, benefiting from a location directly off Route 304 and average daily traffic of 22,000 vehicles.
“KABR is thrilled to partner with BTF and acquire a premier grocery-anchored retail location,” said Adam Altman, co-founder and managing member of Ridgefield Park-based KABR Group.
JLL’s Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Andrew Scandalios and Austin Pierce represented the seller.
“Investor demand for grocery-anchored retail continues to remain strong as the stability of the current rent roll and future leasing upside provide a good yield with little downside exposure,” Cruz said.
Anchored by ShopRite, New City Shopping Center is about 10 miles north of the Bergen County border and around an hour’s drive from New York City. It’s also near local and regional roadways such as the Palisades Interstate Parkway and Interstate 287.
“The access and demographics make this an exceptional location for retailers,” BTF’s Ben Malinsky said.
