$53.8 million sale of northern New Jersey Class A retail center closed by HFF
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Chester Springs Shopping Center, a 223,000-square-foot, Class A, grocery-anchored retail center in Chester Borough, New Jersey.
HFF marketed the property on behalf of the seller, Heitman and Ramco-Gershenson Properties Trust. Dividend Capital Diversified Property Fund, Inc. purchased the asset for $53.8 million (approximately $241 per square foot).
Chester Springs Shopping Center is anchored by ShopRite, the market leader in the region, in addition to Marshalls and Staples. The 95-percent-leased center is also home to other national retailers including Starbucks, CVS Pharmacy, Burger King, Great Clips, Bagel Café, Subway and Massage Envy. Chester Springs Shopping Center is situated in downtown Chester on 20.61 acres at 141-205 Route 206, a main thoroughfare through western Morris and Somerset Counties.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Steve Simonelli and supported by senior managing director Andrew Scandalios and managing director Chris Munley.
Heitman, founded in 1966 and headquartered in Chicago, manages more than $34.3 billion in assets invested directly and indirectly in real estate in North America, Europe and Asia-Pacific. The firm’s clients include institutions, pension plans, endowments and foundations and individual investors. For more information, visit www.heitman.com.
About Ramco-Gershenson Properties Trust
Ramco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT) based in Farmington Hills, Michigan. Ramco-Gershenson’s primary business is the ownership and management of market dominant, multi-anchor shopping centers located primarily in the largest metropolitan markets in the United States. At June 30, 2015, Ramco-Gershenson owned interests in and managed a portfolio of 78 shopping centers and one office building with approximately 16.7 million square feet of gross leasable area. For additional information please visit www.rgpt.com.
About Dividend Capital Diversified Property Fund, Inc.
Dividend Capital Diversified Property Fund, Inc. (DPF) is a public reporting, daily NAV vehicle based in Denver, Colorado, that invests in a diversified portfolio of commercial real estate assets. DPF owned 58 properties totaling approximately 9.5 million square feet in 20 geographic markets as of June 30, 2015. More information is available at www.dividendcapitaldiversified.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.