Bustling Washington Bridge Plaza, a 47,000-square-foot retail center in Fort Lee sold for $37 million. Located at 2151 Lemoine Avenue, just off the George Washington Bridge, the shopping center is anchored by Walgreens. The Goldstein Group’s team of Vice President CJ Huter, Director Marc Palestina, and Executive Vice President Lew Finkelstein represented the buyer, Young Property, LLC. Baruch Herman of Booth Street Realty worked on behalf of the seller, AAC Fort Lee Properties, LLC.
“We were able to assist a long-time client who needed a 1031 Exchange,” noted Goldstein’s Huter. “There were many obstacles to overcome including timing, but all parties were able to deal with the issues and bring the deal to fruition.”
A 1031 Exchange allows an investor to defer capital gains taxes on the sale of a property by reinvesting the proceeds into another property.
Anchored by Walgreens, Washington Bridge Plaza is home to several national tenants including Jersey Mike’s, Kung Fu Tea and Dollar Tree. Additional retailers and businesses include Fort Lee Vision, The Gyro Project, Bon Epi, 101 Chicken, Binghamton Bagel & Deli, Kura Revolving Sushi, Belle Journee Bakery, Pho Today, and Punta Cana.
The retail center sits along Fort Lee’s main commercial corridor with more than 2,250 multifamily units within a half-mile. It is close to other major retailers and is close to Fort Lee’s busy downtown. The property also affords easy access to the George Washington Bridge, I-95, and Routes 46 and 4, making it an ideal retail location.
