A Kearny retail center anchored by a BJ’s Wholesale Club has been sold, according to Cushman & Wakefield.
The 138,895-square-foot Class A property that opened in 2016, known as Kearny Square, was sold by the original developer to Bentall Kennedy’s U.S. Core Fund, C&W said. Financial terms were not disclosed.
The property was 100 percent leased at time of sale to 13 tenants.
C&W’s East Rutherford-based investment sales team of Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Seth Pollack and Frank DiTommaso II represented the seller and procured the buyer in the deal.
“Kearny Square is distinguished by its location within Kearny’s redevelopment district, a UEZ zone that offers a variety of sales and use tax exemptions and other incentives,” Merin said in a prepared statement. “The area is also being transformed into a vibrant residential and retail neighborhood, with a 280-unit residential project under construction directly across from Kearny Square.”