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Tri-State

KABR buys Rockland County shopping center for $30M

Firm partnered with BTF on 125K sf purchase

KABR's Adam Altman and 78 North Main Street in New City, Rockland County (JLL, KABR, Getty)
KABR's Adam Altman and 78 North Main Street in New City, Rockland County (JLL, KABR, Getty)

A 125,000-square-foot shopping center sale in New York City for $30 million? Unlikely.

A joint venture did, however, pick up a grocery-anchored shopping center in New City for the same price. JLL announced the KABR Group and BTF teamed up to purchase the shopping center at 78 North Main Street in Rockland County.

The seller was not disclosed.

The retail center is 96 percent leased, anchored by a ShopRite. The firms plan to modernize the shopping center, which represents KABR’s first retail real estate transaction in Rockland County.

Metropolitan Commercial Bank provided a $19.5 million acquisition loan to the joint venture buyers, according to the Rockland County Business Journal. A JLL team including Jose Cruz and J.B. Bruno represented the seller in the transaction.

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The shopping center’s location and leasing threshold may have contributed to a favorable price compared to another recent shopping center sale in Rockland County.

In the summer, an affiliate of Northeast Capital Group purchased Samsondale Plaza in West Haverstraw. Despite having a grocery store anchor and 30,000 more square feet than its most recent purchase, the 91 percent leased shopping center sold for $26.5 million.

New Jersey-based KABR has been quiet in recent months, but made a number of high-profile deals earlier in the year.

In March, the private equity real estate firm teamed with a family office to purchase two multifamily communities in Stamford, Connecticut, for $41 million. The portfolio accounted for 116 units. It was KABR’s second deal in the city, after it worked with Ceruzzi Properties to buy a 209-unit luxury building, which included 7,500 square feet of retail space.

Weeks prior to that, KABR bought a mid-rise luxury apartment building in Bayonne, New Jersey, from joint sellers Ingerman Group and Verde Capital for $49.6 million.

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Commercial Real EstateShopping Centers