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Cushman & Wakefield Inks Trade of Mixed-Use Property in Dumont, N.J.

| August 3, 2017 | 0 Comments

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DUMONT, N.J., Aug. 3, 2017 – Commercial real estate services firm Cushman & Wakefield has orchestrated the trade of Washington Commons, a grocery-anchored, mixed-use property in Dumont. Through a downREIT transaction, Urstadt Biddle Properties acquired a controlling equity interest in the asset at 40 Washington Ave. from a privately held ownership entity.

Located on 5.5 acres, with a GLA of 75,400 square feet, Washington Commons features a high-performing Stop & Shop location, four in-line retail tenants and 26 multifamily rental units. The property was fully occupied at the time of the trade, according to Cushman & Wakefield capital markets specialist Seth Pollack, who brokered the transaction.

Pollack noted that the opportunity to purchase a mixed-use asset – with strong in-place cash flow on the retail side and upside potential in the multifamily component – contributed to significant investor interest. The property ultimately traded at a cap rate of 6.2 percent.

“Supermarket-anchored product remains a favorite among investors, and Washington Commons provides the added benefit of its location in the heart of highly sought-after Bergen County,” Pollack said. “This property sits on a popular retail corridor that connects multiple densely populated towns.”

Nearly 150,000 people, with an average household income of approximately $133,000, live within two miles of Washington Commons. Stop & Shop recently extended its lease at the property. Other retail tenants there include Great Clips, Blimpies, PetValue, and Valley Medical Group.

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.comwww.cushmanwakefield.com or follow @CushWake on Twitter.

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Category: Cushman & Wakefield of New Jersey, News Releases, Newswire: Latest News

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