HFF announces $17.4M financing of coastal New Jersey community shopping center
BOSTON, MA – November 6, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $17.4 million acquisition financing for Commons at Hooper, a 120,349-square-foot community shopping center in the coastal community of Toms River, New Jersey.
The HFF team worked on behalf of the borrower, a partnership between Unison Realty Partners and ALTO Real Estate Funds, to place a five-year, fixed-rate loan with OceanFirst Bank. OceanFirst also is providing a $3.4 million construction line that the borrower will be able to use for capital and tenant improvements and leasing commissions. The borrower plans to lease the remaining available space, extend tenants with pending maturities early and invest in capital improvements that will help attract new tenants to the property. This work will include a new roof, resurfaced parking lot, new pylon signage and façade upgrade. Additionally, the borrower may pursue an opportunity to construct a 2,500-square-foot pad site in the front of the center.
Completed in 1987, the 86-percent-leased Commons at Hooper is home to 21 tenants, including Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial. Commons at Hooper is situated on 14.63 acres at 1350 Hooper Avenue, a major retail corridor in Ocean County with an average daily traffic volume of approximately 40,000 vehicles per day. An estimated 61,377 residents earning an average annual income of more than $90,000 live within three miles of the center.
The HFF debt placement team included managing directors Michael Klein and Greg Labine. An HFF team brokered the sale of this property to the borrower in a previously announced transaction.
“The partnership has a clear vision as to how they are going to inject new life into the shopping center and create additional value moving forward, and HFF is happy to have assisted them with this transaction,” Labine said.
“With OceanFirst Bank’s corporate headquarters a half mile from Commons at Hooper, they were very familiar with the asset and easily understood what the borrower was trying to accomplish,” Klein added. “The bank provided a creative structure that would allow the partnership to execute its business plan and was able to close within a tight closing time frame.”
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
About Unison Realty Partners
Unison Realty Partners is a private equity real estate firm 100 percent dedicated to middle-market retail investing. Based in Boston and founded in 2010, the firm has acquired over $185 million of shopping center space, totaling over 1.5 million square feet across 14 properties since inception. As an independent owner / operator, Unison implements a value-add investment strategy throughout the Eastern U.S. Unison targets necessity-based, neighborhood and community shopping centers representing $10 to $50 million in property value. Learn more at unisonrealtypartners.com.
About ALTO Real Estate Funds
ALTO Real Estate Funds is a series of closed end investment funds specializing in value-add commercial real estate across the U.S. Established in 2010, ALTO is managed from New York City with regional offices in Dallas and Tel Aviv. ALTO’s investments provide a stabilizing component to portfolios, combining low risk profiles with a value-add approach, to target an attractive annual yield and stable cash flow. The management team works closely with a network of experienced industry professionals to identify solid investment opportunities. ALTO consistently demonstrates a strong and solid track record and consequently maintains a loyal investor base. To date, ALTO has invested in 57 properties, with a value of approximately $1 billion and representing approximately 11 million square feet. For further information, please visit alto-investments.com, or follow and connect with us on LinkedIn, Facebook and Twitter.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.