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Cushman & Wakefield: Pacesetter Park Bid Deadline Set for April 7

| March 28, 2016 | 0 Comments

PacesetterCushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza
East Rutherford, New Jersey 07073

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Media Contact: Evelyn Weiss Francisco: evelyn@caryl.com / (201) 796-7788 / www.twitter.com/carylcomm

POMONA, N.Y., March 28, 2016 – In response to significant interest by potential investors, Cushman & Wakefield’s Metropolitan Area Capital Markets Group has set a firm bid date of April 7 for the offering of Pacesetter Park Shopping Center in Pomona. The property has drawn considerable notice, particularly from local entities that recognize the strength and upside of the acquisition opportunity.

Located at 1581 Route 202, the 98,159-square-foot, grocery-anchored retail asset came to market earlier this month. With a 98 percent occupancy rate, Pacesetter Park offers prominent highway frontage just one mile from Exit 13 of the Palisades Interstate Parkway. It is anchored by national retailers Stop & Shop, Dollar Tree, Retro Fitness and Chase Bank.

“Pacesetter Park’s stable cash-flow from in-place tenants, along with the opportunity to improve credit tenancy moving forward, has drawn strong attention to the property,” noted Cushman & Wakefield’s Andrew Merin, who is heading the assignment with team members David Bernhaut, Gary Gabriel, Brian Whitmer and Nick Karali. “Inquiries and tour activity in the first few weeks after coming online reinforce the fact that grocery-anchored assets remain the darling of the investment community.”

Merin added that Pacesetter Park also benefits from the recent opening of Retro Fitness, which is boosting overall sales and daily foot traffic. Additionally, with nearly all of its anchor space now occupied, the property is well positioned to attract additional national concepts.

Pacesetter Park’s historic strong performance ties to excellent local demographics. The average household income within a three-mile radius of Pacesetter Park is $130,452. The Village of Pomona spans the towns of Ramapo and Haverstraw. Ramapo, with a total population of 134,944, is the sixth-largest city in the State of New York. “Simply put, this is an ideal site for suburban retail,” Merin concluded.

Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $21.7 billion worth of transactions since 2000, closing on $2.0 billion in 2015.

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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. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment & asset management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Media Contact:
Evelyn Weiss Francisco
Vice President
201-796-7788
Evelyn@caryl.com

 

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

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