New York, NY (PressExposure) January 27, 2012 -- ERG Property Advisors recently announced the sale of 500 Chestnut Ridge Road in Woodcliff Lake, NJ for $25 million.
The property is a 70,000-square-foot freestanding retail facility situated on a 313,632-square-foot lot. It is fully leased to The Great Atlantic and Pacific Tea Company (A&P) for a term of 25 years pursuant to a lease that commenced in 1996. It has eight, 5-year options remaining thereafter. The lease increases $1 per square foot every five years, including during the option periods. The cap rate is 7.4%.
The tenant is responsible for all property expenses including roof and structure. A&P operates approximately 61,000 square feet of the premises, and subleases the remaining 9,000 square feet to various local tenants. The average sub-tenant rent is currently estimated to be $31 per square foot on a triple net basis. Located just two miles from the A&P Corporate Headquarters, the store is considered a trophy location. A&P recently spent approximately $4,000,000 in renovations on the store.
The site is located approximately 20 miles from New York City, and 10 miles from the Tappan Zee Bridge. The property is supported by strong demographics, with over 200,000 people located within a 5-mile radius, and an average household income that exceeds $105,000. Corporate headquarters in the area include BMW North America, Hilton Hotel, Perillo Tours, and a number of other corporate offices, including Sony, KPMG, IBM, and Minolta.
For more information about this property, please contact Richard T. Guarino at (646) 253-0909 or firstname.lastname@example.org, Andrew Greenberg at (646) 253-0950 or email@example.com or Christopher Pedota at (646) 253-0962 or firstname.lastname@example.org.