Cushman & Wakefield Marketing Pomona, N.Y., Retail Property for Sale
Pomona, N.Y. , March 9, 2016 (Newswire.com) - Cushman & Wakefield’s Metropolitan Area Capital Markets Group has been named exclusive agent for the sale of Pacesetter Park Shopping Center in Pomona. Located at 1581 Route 202, the 98,159-square-foot, grocery-anchored retail property is 98 percent leased.
Pacesetter Park, which offers prominent highway frontage just one mile from Exit 13 of the Palisades Interstate Parkway, is anchored by national retailers Stop & Shop, Dollar Tree, Retro Fitness and Chase Bank. According to Cushman & Wakefield’s Andrew Merin, who is heading the assignment with team members David Bernhaut, Gary Gabriel, Brian Whitmer and Nick Karali, the property’s buyer will benefit from stable cash-flow from in-place tenants as well as the opportunity to improve credit tenancy moving forward.
“This is a well-located, quality-constructed neighborhood center with a strong roster of service-oriented retailers,” Merin said. “Grocery-anchored assets remain the darling of the investment community, and Pacesetter Park also benefits from the recent opening of Retro Fitness, which will boost overall sales and daily foot traffic. Additionally, with all of its anchor space now occupied, the property is well positioned to attract additional national concepts.”
Merin noted that the property’s historic strong performance ties to excellent local demographics. “The average household income within a three-mile radius of Pacesetter Park is $130,452,” he said. “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.”
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.