Inland Real Estate Buys Center Near Manhattan

by Nate Hunter

Bayonne, N.J. — The acquisition is ‘one of the finest retail assets ever acquired,’ according to Inland executive.

Bayonne Crossing draws from 525,000 people within a 5 mile radius.Bayonne, N.J.  — The Bayonne Crossing Shopping Center has a new owner. The 356,647-square-foot center anchored by a 91,109-square-foot Wal-Mart and a 146,583-square-foot Lowe’s Home Improvement was sold by The Cameron Group, according to media reports.

Inland Diversified Real Estate Trust purchased the center for approximately $75.2 million, including future estimated earnout payments totaling $7.3 million. Inland Real Estate Acquisitions facilitated the transaction on behalf of the buyer. The transactions included the ground leases of both anchor tenants.

The site is off the Hudson River and across from Manhattan. “I am very pleased to have closed on the purchase of what I believe to be one of the finest retail assets I have ever acquired,” said Joe Cosenza, president of Inland Real Estate Acquisitions in a release.

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