BLOOMFIELD, NJ — The retail portion of Glenwood Village has been sold by Bloomfield Center Urban Renewal for approximately $19 million, according to Bill Colgan, a BCUR principal. The buyer was Cedar Realty Trust, of Port Washington, NY. The BCUR is located in the Leo Building, Bloomfield.
According to its website, Cedar Realty is an investment company that owns shopping centers. Its shopping centers are in seven eastern seaboard states and Washington, D.C., In New Jersey, it owns four properties, including Glenwood Village.
Glenwood Village is the only non-shopping center that Cedar owns, according to its website. The company did not respond to questions submitted for comment.
“Cedar is well known,” Colgan said in a telephone interview this week. “They focus on sites which are supermarket-anchored projects. The Cedar portfolio is filled with retail sites.”
The main reason for selling Glenwood Village, Colgan said, was that Cedar Trust was much better equipped to lease out retail space than the BCUR.
“We thought it was a much better move for Bloomfield,” Colgan said. “We’re approximately 85 percent leased out. Cedar has the resources to lease out the balance.”