HFF announces $21.1M sale of community shopping center in Toms River, New Jersey
LORHAM PARK, NJ – September 21, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $21.1 million sale of Commons at Hooper, a 120,349-square-foot community shopping center in the coastal community of Toms River, New Jersey.
The HFF team marketed the property in connection with bidding procedures approved by the United States Bankruptcy Court for the Southern District of New York in the Chapter 11 case of AC I Toms River LLC, which entity was represented by A. Mitchell Greene, Esq. of the law firm of Robinson Brog Leinwand Greene Genovese & Gluck P.C. Unison Realty Partners in partnership with ALTO Real Estate Funds purchased the asset free and clear of existing debt.
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 and Citi Financial. The center was built in 1987 and has a pad site for future development. 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 investment sales team that represented the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli and director Marc Duval.
“The value-add opportunities in well-located retail markets in the Garden State are in very high demand these days,” Cruz said. “This deal has a significant amount of upside in the leasing and potential repositioning.”
Holliday Fenoglio Fowler, L.P. 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 $180 million of shopping center space, totaling 1.5 million square feet across 13 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-$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 US. 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 56 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 them 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 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.