Ridgemont Shopping Center, a fully occupied 71,650-square-foot grocery-anchored retail center in Park Ridge, has sold for $17,000,000, according to a Thursday announcement from Marcus & Millichap.
“It’s extremely rare to see grocery-anchored shopping centers come to market in New Jersey, especially the dominant center in one of Bergen County’s most attractive towns,” Alan Cafiero, senior managing director investments said. “It’s no surprise there was tremendous interest in this asset, as we received more than 20 written offers from investors.”
Alan Cafiero, David Cafiero and John Moroz, investment specialists in Marcus & Millichap’s New Jersey office, along with Bill Farkas of Jeffery Realty, marketed the property on behalf of the seller and procured the buyer.
Anchored by Lidl, the center features 12 national and regional tenants, including Staples, Chase Bank, and Starbucks. Located at 169-199 Kinderkamack Road, the retail center is situated in Bergen County, one of the nation’s wealthiest regions, with an average household income of $194,000 within a three-mile radius and a median home value of $672,924.
