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JERSEY CITY, N.J. — Sperry Van Ness (SVN) has completed the sale of 440 Commons, a 162,533-square-foot shopping center, located on Route 440 in Jersey City, for $24.6 million. Situated on 15 acres, the property is fully occupied by The Home Depot and Raymour & Flanigan. Both tenants are currently paying below-market rents, with 5-year rent escalations built into their leases. The shopping center is located on the west side of Jersey City, in an area that is poised to undergo a massive redevelopment. Joseph French and Thomas Dalzell of SVN’s White Plans, N.Y., office represented the seller, Beachwood, Ohio-based Developers Diversified Realty, as well as the undisclosed buyer. The property traded at a 6.76 percent cap rate.