$32.1 million sale of grocery-anchored retail center near the Jersey shore closed by HFF
PHILADELPHIA, PA – March 23, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $32.1 million sale of The Plaza at Cape May Court House, a 163,629-square-foot, grocery-anchored retail center in the coastal community of Cape May Court House, New Jersey.
HFF marketed the property on behalf of the seller, Polimeni International, LLC. An affiliate of RW Capital Partners, Inc. purchased the asset free and clear of existing debt.
The Plaza at Cape May Court House is located at 11 Court House South Dennis Road in Cape May, one of the most visited tourist destinations on the East Coast with more than 12.5 million visitors annually. Positioned off of Route 9, the gateway to the Jersey shore, the center is at the termination of Stone Harbor Boulevard, one of the main thoroughfares to the Stone Harbor and Avalon shore destinations. The Plaza at Cape May Court House is 97.6 percent leased to a variety of national and regional tenants, including ACME Markets (ACME), Marshalls, Staples, CVS Pharmacy, Pier 1 Imports, Alfredo’s Pizza, Chopsticks Restaurants, Melini Hair Care, GNC and Payless ShoeSource.
The HFF team representing the seller was led by managing director Chris Munley and supported by senior managing director Jose Cruz and managing director Kevin O’Hearn.
“The Plaza at Cape May Court House is the dominant grocery-anchored retail center within the sub-market,” Munley said. “The asset is anchored by a high-performing ACME and offers additional upside opportunities in conjunction with a currently strong occupancy rate.”
“Retail continues to remain high on investors list of preferred product types with grocery-anchored centers taking the top spot for institutions and private buyers alike,” Cruz said.
“The Plaza at Cape May Court House acquisition offers RW Capital Partners, Inc. the opportunity to redevelop and reposition a core asset in a desirable market,” noted Robert F. Whalen, Jr., RW Partners managing partner.
About Polimeni International, LLC
Polimeni International, LLC, is a full service real estate firm specializing in the development, construction, management, brokerage and marketing of prime commercial properties throughout the United States and in selected global markets. Learn more at www.polimeni.com.
About RW Capital Partners, Inc.
RW Capital Partners, Inc. is a real estate private equity firm based in the Philadelphia market targeting opportunistic acquisitions of core and distressed commercial real estate assets. For more information, visit www.rwpartners.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.