The Hampshire Companies Acquires 94,027-Square-Foot Retail Center in Wallington, N.J. Inking Sale/Leaseback Deal with Inserra Supermarkets for ShopRite
Wallington, N.J. -- The Hampshire Companies, a full service, private real estate investment firm with equity in assets valued at more than $2.5 billion, announced today the acquisition and subsequent lease agreement of a 94,027-square-foot retail center in Wallington, N.J. which is anchored by ShopRite. The seller, Inserra Supermarkets, also signed a 25-year sublease agreement to operate the 66,065-square-foot ShopRite as well as to manage the leasing of the remaining 27,962-square-feet of the complex.
Located at 375 Paterson Avenue, a main artery roadway, the property offers high visibility and superior traffic flow and will serve the more than 93,000 residents who live within a two mile radius of the store. The Wallington ShopRite has ample parking with 394 spots as well as ShopRite amenities including ShopRite from Home, free nutrition programming, catering services and a pharmacy and liquor store.
“This acquisition is in line with the recent core deals that Hampshire has pursued,” said Robert Schmitt, Fund Manager at The Hampshire Companies. “ShopRite will occupy or manage the entire center, ensuring long-term cash flows from the property. The sale of the property and lease-back is also a trend we have seen increasing since the recovery of the commercial real estate sector, and our experience and reputation as a landlord is a driving force behind our abilities to execute these types of deals.”
For information on the remaining space for lease at 375 Paterson, please contact Al Giglio at Crossroads Commercial Real Estate at email@example.com.
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