At a glance
- The seller was WS Tice's Inc., a legacy owner that had held the property for decades.
- The deal is among New Jersey's largest single-asset retail transactions of the past decade, Connect CRE reported.
- For allocators pricing retail centers, the sale is a top-of-market comp: an Apple anchor, national lifestyle tenants and a supply-constrained suburban location, sold without a broad marketing process.
WS Development bought Tice's Corner, an Apple-anchored retail center in Woodcliff Lake, N.J., for $109.5 million, according to Connect CRE. The seller was WS Tice's Inc., a legacy owner that had held the property for decades.
The deal is among New Jersey's largest single-asset retail transactions of the past decade, Connect CRE reported. The center at 441 Chestnut Ridge Rd. is anchored by Apple and leased to Pottery Barn, Anthropologie and Free People in what the report called one of Bergen County's most affluent and supply-constrained markets. Cushman & Wakefield's Joanna R. Manfro represented the buyer. David Waldman, president of David Adam Realty, represented the seller. "When the opportunity for new ownership surfaced, it was a highly competitive process that came together within days, without the asset ever becoming broadly marketed," Manfro said in the report.
For allocators pricing retail centers, the sale is a top-of-market comp: an Apple anchor, national lifestyle tenants and a supply-constrained suburban location, sold without a broad marketing process. The reported terms did not include a cap rate or a price per square foot.
When the opportunity for new ownership surfaced, it was a highly competitive process that came together within days, without the asset ever becoming broadly marketed.Joanna R. Manfro, managing director of Northeast retail at Cushman & Wakefield
Reported by the Deals desk from Connect CRE. Published . Corrections