Commercial Plaza With ShopRite Tenant Sells for $8M+
Real estate investment firm Marcus & Millichap has completed the sale of a 56,555-square-foot net-leased ShopRite in Ellenville, New York, for $8.175 million following an auction, according to the New York State Real Estate Journal.
Joseph French Jr. and Kodi Traver, investment specialists in Marcus & Millichap’s Westchester County, New York, office, in White Plains, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, also a private investor, was secured and represented by Traver and French. Financing was secured by Steve Rock, of MMCC in the Westchester office.
French said: “The property was under contract in February, but due to the pandemic, that sale fell through. [The] owner wanted certainty of sale. Therefore, we decided to auction the property and were able to generate interest from eight bidders. We successfully closed within 90 days at a price acceptable to both buyer and seller.”
The ShopRite Plaza is located at 100 ShopRite Blvd. on 11.74 acres in the Hudson Valley.
According to the Hudson Valley Post, the ShopRite store was renovated in 2015 and is the only major grocery store in the area, which officials say means it's guaranteed to generate a lot of revenue.
ShopRite is a registered trademark of Keasbey, New Jersey-based retailer-owned cooperative Wakefern Food Corp. With nearly 280 ShopRite supermarkets located throughout New Jersey, New York, Pennsylvania, Connecticut, Delaware and Maryland, ShopRite serves millions of customers each week. Wakefern is No. 25 on The PG 100, Progressive Grocer's 2020 listing of North America’s top retailers of food and consumables.
