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Marcus & Millichap Facilitates $17 Million Sale of Grocery-Anchored Retail Center in Bergen County

January 09, 2025

PARK RIDGE, N.J., Jan. 9, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Ridgemont Shopping Center, a fully occupied 71,650-square-foot grocery-anchored retail center in Park Ridge, New Jersey, for $17,000,000. 

"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," said Alan Cafiero, senior managing director investments. "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.

 

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.

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