Anyone who knows anything about commercial real estate knows grocery store-centered properties are hot.
That proved true on Monday, when CBRE announced it has arranged the sale of a 20,413-square-foot grocery-anchored retail strip at 1374-1400 Queen Anne Road in Teaneck for $6.25 million.
The property consists of eight retail units and is anchored by Glatt’s Express Supermarket, the neighborhood’s local Kosher grocery store. Currently, the retail strip is 93% occupied by a versatile tenant mix with many service-based tenants including a dentist, beauty salon, convenience store, boutique and more.
The property was built in 1930 and renovated in 2023.
Karly Iacono, a senior vice president in CBRE’s Capital Markets Group, negotiated on behalf of the seller, Astoria Realty Corp., which has owned the property since the 1950s. It was purchased by Queen Anne Owner LLC.
“We were pleased to represent the seller on this legacy asset, which has not traded since 1958,” Iacono said. “The location, coupled with our well-defined marketing process, created an extremely competitive bid process where we sourced many buyers offering above list price. This grocery-anchored center is a cornerstone of the Teaneck community and will be an outstanding long-term hold for the new owners.”
