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Bentall Kennedy Buys NJ Retail in Up-and-Coming Neighborhood
Bentall Kennedy’s U.S. Core Fund has acquired Kearny Square, a 138,895-square-foot retail center in Kearny, NJ, from the original developer. Pricing was not disclosed. A Cushman & Wakefield team of Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Seth Pollack and Frank DiTommaso II represented the seller and procured the buyer.
At the time of sale, Kearny Square was 100% leased. The offering received a significant amount of interest from regional and national institutional and private buyers.
“Kearny Square is distinguished by its location within Kearny’s redevelopment district, a UEZ Zone that offers a variety of sales and use tax exemptions and other incentives,” said Merin. “The area is also being transformed into a vibrant residential and retail neighborhood, with a 280-unit residential project under construction directly across from Kearny Square that will provide new and attractive apartments to the area and will bring in additional young professionals and other consumers.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
