Cushman & Wakefield arranges $8.65M sale of Ramapo Plaza in Wayne

Ramapo Plaza, a 57,963-square-foot retail asset in Wayne was sold for $8,650,000, according to a Wednesday announcement from Cushman & Wakefield.

Cushman & Wakefield’s David Bernhaut, Andy Schwartz, Jordan Sobel, Andre Balthazard, Brian Whitmer and Max Helfman represented the seller, Ramapo Plaza Associates LLC, and procured the buyer, a joint venture between Mountain Development Corp. and Cohen Commercial Properties.

“Ramapo Plaza is ideally located within Wayne’s primary retail corridor resulting in high visibility,” Schwartz stated. “With two strong anchor tenants, this 88% leased asset is well-positioned to provide a durable return on invested capital.”

Located at 755-797 Hamburg Turnpike, Ramapo Plaza is situated on 9.29 acres. The property is currently 88% leased to 15 tenants and offers an above market standard parking ratio of nearly eight spots per 1,000 square feet.

The property is located at the intersection of Hamburg Turnpike and Valley Road, offering direct access to the surrounding neighborhoods.