Sale of multiple-anchor community shopping center in northern New Jersey closed by HFF
FLORHAM PARK, NJ – March 7, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Essex Green, a 350,000-square-foot community shopping center located in the northern New Jersey community of West Orange, New Jersey.
HFF marketed the property on behalf of the seller, a global investment manager. Clarion Partners purchased the asset free and clear of existing debt in a highly-competitive process on behalf of a commingled fund. According to HFF, this is one of the largest retail sales in New Jersey in the last two years.
Essex Green Shopping Center is the largest community shopping center in Essex County. Ninety-six percent leased at the time of closing, the center has a mix of national, regional and local tenants, including ShopRite, Macy’s Backstage, a nine-screen AMC Theatre with dine-in service, Total Wine & More, Sears Appliance/Outlet, Petco, TGI Fridays, Panera Bread, GameStop and GNC. Situated on 33.38 acres at 295 Prospect Avenue, the six-building Essex Green Shopping Center is positioned at the corner of Prospect and Rooney Circle directly off a four-way interchange with Interstate 280 (Essex Freeway). One of the most affluent parts of the state, the area is commonly referred to as “Suburban Essex” and includes the communities of Livingston, Milburn/Short Hills, Essex Fells, Glen Ridge, Montclair, Verona and Maplewood.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Stephen Simonelli and supported by senior managing director Andrew Scandalios and managing director Chris Munley.
“Essex Green was very highly sought after, given the record grocery sales at the property combined with the upside of the available space,” Cruz said. “Grocery-anchored retail remains very high on institutional investors’ lists of asset classes that they need for their funds. I will also say that we had a significant amount of private buyers show up for this offering.”
About Clarion Partners
Clarion Partners, an SEC registered investment adviser and FINRA member firm, has been a leading U.S. real estate investment manager for 34 years. Headquartered in New York, the firm has offices in 23 major markets throughout the U.S., São Paulo, Brazil; and London, England, as well as a presence in Mexico. With more than $40 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.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.