Holliday Fenoglio Fowler, L.P. (HFF) announces the $25.375-million sale of a 117,000-square-foot, fully leased, grocery-anchored retail center at 50 Race Track Road in East Brunswick.
The HFF team marketed the property on behalf of the seller, a partnership between MCB Real Estate and Alex Brown Realty, Inc. Prestige Properties and Development purchased the property free and clear of any mortgage financing.
In addition to the Aldi grocery anchor, the property is leased to Burlington, AutoZone and Jersey Fine Wines. The recently renovated center also includes a new building that is occupied by Starbucks, Supercuts and Five Guys. In total, 90 percent of the occupancy represents national tenants with a weighted average lease term in excess of 10.5 years. Situated on 10 acres, the property is located within the Route 18 retail corridor, with daily traffic counts of approximately 60,000 vehicles. The center is in an infill location with approximately 88,000 residents within a three-mile radius and an average annual household income of more than $137,000.
The HFF investment advisory team representing the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
“Having brokered the sale of this property to the seller in 2013 after the space had been vacated by a Home Depot Villager and just prior to A&P/Pathmark’s second bankruptcy filing, we are thrilled to arrange its sale again now that ownership has successfully carried out their repositioning strategy,” O’Hearn said.
“The retail market continues to be actively bid upon by private as well as institutional investors alike as they look for quality and yield,” added Cruz.
HFF and Holliday GP Corp. (“HFF”) are licensed New Jersey real estate brokers.Related Articles: