1347 Kennedy Blvd. in Bayonne — Courtesy: The Kislak Co. Inc.
By Joshua Burd
Investors have paid nearly $10 million for a Bayonne shopping center anchored by a Family Dollar, in a retail investment sale brokered by The Kislak Co. Inc.
The 53,000-squrare-foot property, located at 1347 Kennedy Blvd., traded for $9.64 million, the Woodbridge-based brokerage firm said Friday. Kislak Vice President Robert Squires represented both parties in the deal, which included a family that had owned the property since 1987 and MJ Property Group, a buyer that purchases value-add retail deals.
“Hudson County is among the strongest submarkets in New Jersey for investment properties,” Robert Holland, president, president of The Kislak Co. Inc., said in a prepared statement. “There is great demand among investors for well-located and well-performing properties. Rob did an outstanding job bringing this property to market and selling it.”
The single-story shopping center has 14 stores and on-site parking on 3.4 acres, the news release said. It is located at the corner of John F. Kennedy Boulevard and West 63rd Street, close to the Jersey City border.
Along with Family Dollar, tenants include the New Jersey Motor Vehicle Commission and other national operators such as Pizza Hut, Rent-A-Center and Enterprise Rent-A-Car.
Kislak said the 100 percent occupied property sold for $182 per square foot and at a 6.1 percent cap rate based on the in-place net operating income. The seller and brokerage team received eight offers before selecting MJ Property Group.
“Properties such as this rarely become available,” Squires said. “This center has been in the same family since the 1980s and has proven to be a well-performing asset.
“Once we were engaged on an exclusive basis to market and sell the property, we immediately contacted our retail investors who showed tremendous interest in acquiring the property.”
Also representing the seller was attorney Scott Herzog of Fort Lee, while the attorney for the buyer was Adam Bayroff of Jericho, New York.
