NEW YORK — Marcus & Millichap has brokered the sale of a three-property ShopRite portfolio for $37.07 million. The portfolio includes two shopping centers anchored by ShopRite and one freestanding ShopRite grocery store. All three properties are located in Upstate New York.
The portfolio includes the ShopRite Plaza located on Route 94 South in Warwick, the ShopRite Plaza located in Ellenville and a freestanding ShopRite located adjacent to Fairview Plaza in Hudson. The properties traded for an average of $182 per square foot.
Steven Siegel of Marcus & Millichap's National Retail Group in Manhattan represented the seller, a New York-based institutional owner, as well as the buyer, a New York-based buyer that specializes in supermarkets.
“Buyers were interested in this portfolio because the properties are supermarket-anchored and management-free,” Siegel said in a statement. “SRS has a long-term master lease on the two multi-tenanted properties within the portfolio. The triple-net aspect of the product appealed to buyers throughout the Unites States — institutions, REITs, local players, shopping center owners and 1031 buyers — who were bidding against each other.”
— Coleman Wood