HFF announces $18.7M acquisition financing for North New Jersey retail center
FLORHAM PARK, NJ – September 13, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $18.7 million acquisition financing for West Belt Plaza, an 84,202-square-foot, fully occupied retail center in the North New Jersey-area community of Wayne.
The HFF team worked on behalf of the borrower, The Klein Group, to secure the 10-year, fixed-rate loan through a life insurance company.
Renovated in 2001, West Belt Plaza is currently leased to a variety of national and local tenants, including PetSmart, HomeGoods, Fidelity Brokerage and Starbucks. The center is situated on 8.13 acres at 57 State Route 23 in Passaic County just off the Interstate 80 and Route 46 Interchange, which is 22 miles from Manhattan. Additionally, the property is adjacent to the Willowbrook Mall, the fourth largest mall in New Jersey. More than 68,800 residents earning an average annual income of $135,473 live within a five-mile radius of West Belt Plaza.
The HFF debt placement team representing the borrower included senior managing directors Jon Mikula and Jim Cadranell.
Holliday Fenoglio Fowler, L.P. and Holliday GP Corp, licensed New Jersey real estate brokers
About The Klein Group
The Klein Group’s objective is to acquire and develop strategically located assets throughout the Mid-Atlantic and Northeast regions. The firm’s investment strategy is to identify well-located, fundamentally sound retail assets that are underperforming and optimize their potential. The Klein Group manages 16 properties, among them are Warren Village Shopping Center, Eagle Rock Commons, Fidelity & Stew Leonard Center in Paramus. Learn more at thekleingrp.com.
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 sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.