Commercial real estate firm Cushman & Wakefield recently announced it has arranged the sale of a controlling equity interest of a grocery-anchored mixed-use property, Washington Commons, in Dumont.
The firm’s capital markets specialist Seth Pollack brokered the transaction from a privately held ownership entity to Urstadt Biddle Properties.
“Supermarket-anchored product remains a favorite among investors, and Washington Commons provides the added benefit of its location in the heart of highly sought-after Bergen County,” Pollack said. “This property sits on a popular retail corridor that connects multiple densely populated towns.”
Washington Commons sits on 5.5 acres at 40 Washington Ave. The property is anchored by a Stop & Shop, four in-line retail tenants and 26 multifamily units. The firm said the property traded at a 6.2 percent cap rate.
“Nearly 150,000 people, with an average household income of approximately $133,000, live within two miles of Washington Commons,” Cushman & Wakefield said in a news release. “Stop & Shop recently extended its lease at the property. Other retail tenants there include Great Clips, Blimpies, PetValue and Valley Medical Group.”