HFF closes $42.25 million sale of multi-anchor retail center near coastal New Jersey
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $42.25 million sale of Manahawkin Commons, a 318,100-square-foot, multi-anchor retail center with future additional development potential in Manahawkin, New Jersey.
HFF marketed the property on behalf of the seller, ACI Manahawkin LLC. The Hampshire Companies, a full-service, private real estate investment firm, purchased the asset in a joint venture with MCB Real Estate, LLC and One Liberty Properties, Inc. Mitchell Greene, Robert Sasloff and Lori Schwartz of Robinson Brog Leinwand Greene Genovese & Gluck P.C. provided legal counsel to ACI Manahawkin LLC during the transaction.
Anchored by Kmart, T.J.Maxx and Regal Cinemas, the 95-percent-leased Manahawkin Commons is home to a variety of national and regional tenants including Staples, Michaels, Pier One, Famous Footwear, Great Clips, Five Below, McDonald’s, Verizon Wireless, Game Stop, Subway and Dunkin Donuts. Additionally, the site has preliminary approval for three proposed pad sites approximately 12,500 square feet. Situated on 48 acres at Washington Avenue and Route 72, a retail corridor with an average daily traffic count of 50,000 vehicles, the center is the first retail destination off of the Garden State Parkway at exit 63 on the way to Long Beach Island, an affluent beach resort town on New Jersey’s central coast.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz and managing director Kevin O’Hearn.
“There was a significant amount of interest in this property given the current tenant base and potential upside,” said Cruz.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at www.hampshireco.com. To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow Hampshire on Facebook (www.facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).
About MCB Real Estate
MCB is a Baltimore-based investment platform dedicated to the execution of value-add, opportunistic (off-market) and development strategies in the commercial real estate markets. Led by an experienced team of professionals with backgrounds in acquisitions, development, private equity, structured finance, workouts, management, operations, and law, MCB selects investment opportunities in industrial, retail and Class B office sectors with a focus on east coast U.S. markets. For additional information on MCB Real Estate, please visit www.mcbrealestate.com.
About One Liberty
One Liberty is a self-administered and self-managed real estate investment trust incorporated under the laws of Maryland in December 1982. The primary business of the One Liberty is to acquire, own and manage a geographically diversified portfolio of retail, industrial, flex, health and fitness and other properties under long term leases. Most of One Liberty's leases are "net leases," under which the tenant is responsible for real estate taxes, insurance and ordinary maintenance and repairs. For additional information on the Company's operations, activities and properties, please visit One Liberty's website at www.1liberty.com
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.