$6.4 million sale of central New Jersey retail center closed by HFF
PHILADELPHIA, PA - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $6.4 million sale of Nottingham Shopping Center, a 24,396-square-foot retail center with a freestanding Walgreens in Hamilton, New Jersey.
HFF arranged the sale of the property on behalf of the seller, Mercer Realty, LLC. The buyer, an affiliate of privately-held real estate investment firm PAG Investments, was represented by Chaim Dahan Esq, of The Dahan Law Firm.
Situated on almost six acres at 2021 Nottingham Way, Nottingham Shopping Center is at the signalized intersection of Highway 33 and Klockner Road in Hamilton, a central New Jersey township four miles east of Trenton and 35 miles from Philadelphia. The location has a daily traffic count of 21,401 vehicles, and the center is surrounded by both single- and multi-family residences less than a quarter mile from Nottingham High School. Completed in 2012, the three-building center is 91.56 percent leased to Walgreens, Dunkin Donuts and Aromaz Carpet.
The HFF investment sales team representing the seller was led by managing director Chris Munley and senior managing director Jose Cruz.
“With retail cap rates continuing to compress in the Mid-Atlantic, acquisitions that have a value-add component are in high demand,” Munley said. “The security of the Walgreen’s credit and cash flow, compounded by the ability to develop further retail on the site, made this property a highly sought after asset.”
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.