The 125,110 SF Grocery anchored Shopping Center is located in the center of New City and the heart of Rockland county’s Central Business district.
The KABR Group along with its JV Partner BTF recently completed the $30 million purchase of the 125,110 SF New City Shopping Center – located at 78 North Main Street. The retail site is currently 96% leased. The asset is in the heart of Rockland County’s central business district and less than one hour from New York City.
KABR and BTF are planning a comprehensive modernization of the shopping center. The grocery anchored retail asset currently contains a complementary tenant mix with exceptional demographics, traffic counts and access. The center looks to become the Premier retail destination in the trade area.
“KABR is thrilled to partner with BTF and acquire a premier Grocery anchored Retail location,” said Adam Altman, co-founder and Managing Member at KABR Group. “The access and demographics make this an exceptional location for retailers,” said Ben Malinsky of BTF.
New City Shopping Center is located directly off Route 304, which has an average annual daily traffic of 22,000 vehicles. The property is also near other local and regional roadways, including the Palisades Parkway and I-287. Approximately 67,500 residents live within a three-mile radius of the center and an additional 320,000 residents live in Rockland County. Bergen County, Westchester, Dutchess, Orange, Putnam, and New York City can also be reached within 25 to 40 minutes.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Andrew Scandalios and Austin Pierce.
“Investor demand for grocery anchored retail continues to remain strong as the stability of the current rent roll and future leasing upside provide a good yield with little downside exposure,” stated Cruz.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About KABR Group
The KABR Group (“KABR”) is a vertically integrated, private equity real estate firm responsible for the investment, management, and development of commercial, residential, industrial, and hospitality real estate. Since its Founding in 2008, KABR has acquired over six million square feet of development rights, four million square feet of office, thousands of multifamily units, hospitality, and industrial and distribution properties.
KABR leverages its competitive advantages and reputation to capitalize on real estate inefficiencies, over-leveraged assets, demographic changes, and economic growth. KABR targets value-added, opportunistic, distressed debt, special situations, and development real estate investments in the New York metropolitan area, southeastern region of the U.S, and other select high-growth markets.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in over 80 countries and a global workforce more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
