Ramapo Plaza at 755-797 Hamburg Turnpike in Wayne — Courtesy: Cushman & Wakefield
A joint venture has purchased a nearly 58,000-square-foot retail center in Wayne for $8.65 million, in a newly announced deal by Cushman & Wakefield.

Brokers with the firm represented Ramapo Plaza Associates LLC in its sale of Ramapo Plaza, which sits on 9.29 acres at 755-797 Hamburg Turnpike. They also procured the buyer, a partnership of Mountain Development Corp. and Cohen Commercial Properties, noting that it’s home to 15 tenants and sits at a busy intersection in the Passaic County township.

C&W’s David Bernhaut, Andy Schwartz, Jordan Sobel, Andre Balthazard, Brian Whitmer and Max Helfman completed the assignment.

“Ramapo Plaza is ideally located within Wayne’s primary retail corridor resulting in high visibility,” Schwartz said. “With two strong anchor tenants, this 88 percent leased asset is well-positioned to provide a durable return on invested capital.”

In a news release, the brokerage team said Ramapo Plaza has an above-market-standard parking ratio of nearly eight spots per 1,000 square feet. The 57,963-square-foot property also provides direct access to the surrounding neighborhoods.