CBRE is pleased to announce the sale of the sale of a 75,525 SF ShopRite center located at 351 Fairview Avenue (Route 9) in Hudson, New York. CBRE represented the owner, Columbia Development Companies, in the sale and also procured the buyer, The Triple Net Group LLC.
ShopRite/Wakefern’s NNN lease runs through 2038, providing long-term, stable income and contractual rent bumps within the lease. The property is well-situated on the heavily traveled Fairview Avenue/Route 9 (15,720± cars per day), the primary retail corridor in the market. ShopRite recently signed a new 20-year lease at the property and renovated the former Price Chopper store before relocating to the property in December 2018. The property traded at a 6.45% cap.
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