Retail investment sales in Northern New Jersey continued at a controlled pace in 2013, with some centers trading at very aggressive pricing. Most of the activity has centered on grocery anchored shopping centers—the largest being Riverfront Plaza in Hackensack which traded in October for nearly $48 million, or $370 per sq. ft. This 130,000-sq.-ft. center anchored by ShopRite, traded at a going in cap rate in the low 6 percent range. And earlier in 2013, an A&P-anchored center in ...
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