The Hampshire Companies Acquires 84,134-Square-Foot Shopping Center in Piscataway, NJ
Property is Anchored by Stop & Shop Supermarket
Piscataway, N.J. -- The Hampshire Companies, a full service, private real estate investment firm with equity in assets valued at more than $2.5 billion, has announced the acquisition of a 84,134-square-foot retail shopping center anchored by a 64,255-square-foot Stop & Shop supermarket located at 571 Stelton Road in Piscataway, N.J.
Situated on 11.8 acres and less than a half mile from I-287, Stop & Shop Plaza is ideally located at the at the intersection of Stelton Road and New Brunswick Avenue. The shopping center is 97 percent leased with Advanced Auto Parts, Investors Savings Bank, Elegant Album, and Enzo’s Pizza rounding out the tenant roster.
“Located in a high traffic area the shopping center is easily accessible by more than 323,000 residents with strong earning demographics within a five mile radius,” said Rob Schmitt, Principal for The Hampshire Companies. “Strong grocery-anchored shopping centers like this one fit well into our retail portfolio and will provide stable, long-term cash flow for our investors.”
In March 2015, there will be 2,500 square feet of retail space made available as Investor Savings Bank moves into its new location, which is currently under construction as a new outparcel building on the site. The space would be ideal for a fast food restaurant that desires a prime, visible location with a drive-through.
The Hampshire Companies and the seller were represented by Jeffrey Dunne, David Gavin and Kevin Welsh of CBRE.
To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow Hampshire on Facebook (www.facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).