Real Estate

HFF Arranges $22.7 Million Sale of New Jersey Retail Power Center

HFF announced today that it has closed the $22.7 million sale of Greenwich Center, a 182,583-square-foot retail power center located in Phillipsburg, New Jersey.

HFF marketed the property on behalf of Retail Properties of America, Inc.  An affiliate of Northeast Capital Group and BHN Associates purchased the asset for $22.7 million free and clear of existing debt in an all cash transaction.

Greenwich Center is located at 1200-1208 New Brunswick Avenue in Phillipsburg, which is 73 miles north of Philadelphia and 70 miles west of New York City.  The property is situated at the intersection of New Brunswick Avenue and Route 22, which is just off of Interstate 78 by the Pennsylvania border.  Developed in two stages, Center I was completed in 2002, and Center II was finished in 2006.  The shopping center is 93.25 percent leased to national and regional tenants including Staples, Best Buy, Pier 1 Imports, Petco, Dollar Tree, Sleepy’s, Michaels, Ashley Furniture, Five Below and Famous Footwear, and is shadow anchored by Target and Lowe’s Home Improvement.

The HFF investment sales team representing the sellers was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn, Jeffrey Julien and Chris Munley and senior real estate analyst Marc Duval.

“This property was very attractive to us due to it being the only anchored center in town situated directly off the Interstate exit with strong visibility, thereby promising the center continued dominance in the market for years to come,” said Joel Kiss CEO of NECG.

Retail Properties of America, Inc. is a REIT and is one of the largest owners and operators of high quality, strategically located shopping centers in the United States.  As of March 31, 2014, the company owned 227 retail operating properties representing 31.2 million square feet, including its pro rata share of unconsolidated joint ventures.  The company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI.

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