HFF closes $30.5 million sale of 115,500-square-foot retail center in Linden, New Jersey
FLORHAM PARK, NJ – December 17, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $30.5 million sale of Linden Commons, a 115,500-square-foot, fully-leased, retail center in the northern New Jersey community of Linden, New Jersey.
HFF marketed the property on behalf of the seller, Lamar Companies. Prestige Properties & Development purchased the asset.
Linden Commons was originally built in 1955 and renovated and reconfigured in 2014 from a single-tenant (K-mart) retail center to the one-building multi-tenant center it is today. The property is 100 percent leased to eight tenants, including notable retailers such as Burlington Coat Factory, Blink Fitness, T.J. Maxx, Buffalo Wild Wings and Sprint. Situated on 10.74 acres at 1701 West Edgar Road (Route 1 and 9), Linden Commons is located in the southern part of Linden, a community about 12 miles southwest from Manhattan.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing directors Kevin O’Hearn and Chris Munley and associate directors Michael Oliver and Steve Simonelli.
“We are extremely pleased to have helped Lamar Companies with this successful sale that concluded their business plan of repositioning a vacant K-mart box into a thriving multi-tenant shopping center,” stated O’Hearn.
“The property is a fully-leased, Class A, infill retail deal with credit tenants so the activity was very strong,” added Cruz. “Prestige completed due diligence efficiently and closed as expected.”
"This acquisition far outperformed our expectations, as we were able to stabilize a vacant center within 18 months by capitalizing on the strong tenant demand for Class A centers in dense infill locations in the Northern New Jersey market. We appreciate the valued efforts made by HFF on this sale as it provides us an excellent opportunity to redeploy the capital into our value add business as we are actively seeking and working on additional redevelopment opportunities," stated Ralph Pugliano of Lamar Companies.
About Lamar Companies
One of the "Top 100 Owners" of retail shopping centers in the US by Retail Traffic magazine, Lamar Companies (Lamar) invests in projects where its innovative approach and intense work ethic maximizes the potential for significant financial appreciation. Lamar acquires distressed retail centers in any region of the United States, either through simple purchase or foreclosure sales. For more information, visit www.lamarco.com.
About Prestige Properties & Development
Prestige Properties, one of New York City’s leading real estate development companies, owns and operates a diverse group of 18 commercial properties and shopping centers throughout the country including the Mall at Bay Plaza. The company was founded in 1985.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
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