HFF closes sale of and arranges financing for A&P-anchored retail center in northern New Jersey
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for a two-building neighborhood shopping center located at 55-75 Mayhill Street in Saddle Brook, New Jersey.
HFF marketed the property on behalf of the seller. Vision Real Estate Partners purchased the asset. Additionally, HFF worked on behalf of the new owner to secure the acquisition financing through Oritani Bank.
The 119,000-square-foot center is anchored by a 62,000-square-foot A&P supermarket and is approved for an additional 12,000 square feet of retail space. The 12-acre site also has 45,000 square feet of near-term availability, which can be leased as a single unit or divided into multiple units. Constructed between 1998 and 2000, the site offers almost 800 parking spaces. It is situated between I-80 and the Garden State Parkway with visibility from Market Street in Saddle Brook and is less than 10 miles from the George Washington Bridge. The population within a three-mile radius totals more than 252,000 with an average household income exceeding $75,000.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and real estate analyst Robert Borny.
The HFF debt placement team representing the new owner was led by senior managing directors Jon Mikula and Jim Cadranell.
About Vision Real Estate Partners
Vision Real Estate Partners, headquartered in Mountain Lakes, New Jersey, is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Its high-profile projects include the recently redeveloped and rebranded Crossings at Jefferson Park office campus in Whippany and 67 Whippany Road in Whippany, where the firm developed Bayer’s new East Coast headquarters and has broken ground on the new global headquarters for MetLife Investments.
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.