$12 million sale of Essex Square on Route 17 in Bergen County, New Jersey, closed by HFF
FLORHAM PARK, NEW JERSEY – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $12 million sale of Essex Square, a 16,000-square-foot retail strip center located within the prestigious Route 17 retail corridor in the New York City suburb of Lodi, New Jersey.
HFF marketed Essex Square on behalf of the seller, ARC Properties Inc. Capstone Realty Group advised the buyer, Pako Realty Corp., and facilitated a 1031 tax exchange of the center that was acquired all cash.
Essex Square is a 100-percent-occupied, regional retail strip center leased to national and regional tenants, including Capital One Bank, 7-Eleven, MedExpress, Jimmy John’s Gourmet Sandwiches, Rita’s, Muscle Maker Grill and Great Clips. The two-building center benefits from highway visibility and a traffic count of more than 104,000 vehicles per day. The property is located at 184 Essex Street in close proximity to Interstate 80, which provides direct access into New York City. More than 216,000 people live within a three-mile radius of the property with notable nearby towns including Paramus and Hackensack.
The HFF investment sales team representing the seller was led by managing directors Chris Munley and Kevin O’Hearn and senior managing director Jose Cruz.
“Retail assets of this nature continue to be in high demand from multiple equity sources around the country,” Munley said. “The tremendous outpour of interest received on this property was a reflection of both the quality tenancy and irreplaceable location within the highly-desirable Bergen County submarket of Northern New Jersey.”
“The center is well located and fits well with our investor’s strategy for long-term stable ownership,” said Monica Kang, a principal with Capstone Realty Group.
About ARC Properties Inc.
ARC Properties Inc. (ARC) specializes in the development, acquisition, financing and joint venture of net lease properties. The company's geographic focus is in the New York to Washington, D.C. corridor and Florida, although the company is also active nationwide in metropolitan areas with international airports. Over the past 30 years, ARC and its affiliates have been responsible for more than 300 transactions with an aggregate value in excess of $3 billion and have received numerous industry awards for its work in the area of net lease properties. ARC currently represents numerous tenants in their expansion programs and has an active joint venture program with preferred developers.
About Capstone Realty Group
Founded in 1998, Capstone Realty Group (Capstone) is an institutional private equity investor and fund manager that acquires retail shopping centers, office buildings, hotels and distressed loans. In the past 17 years, Capstone has acquired more than 25 real estate deals, comprising more than four million square feet and $600 million of total capitalization. Capstone primarily invests in the New York Metropolitan area and Upstate New York and has investments in Ohio and Pennsylvania. Capstone invests alone and in partnership with institutional co-investors, including pension funds, hedge funds, family offices and high net worth investors. For more information, visit www.crgre.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.