HFF Closes $42.25M Sale of Multi-Anchor Retail Center Near Coastal NJ

On Jul 13, 2015

The Hampshire Companies, a full service, private real estate investment firm with equity in assets valued at more than $2.5 billion, along with joint-venture partners MCB Real Estate, LLC and One Liberty Properties, Inc. acquires a 318,100-square-foot retail center in Manahawkin. The seller was ACI Manahawkin, LLC.

The Manahawkin Commons, which is anchored by K-Mart, TJ Maxx and Regal Cinemas, is situated on 48-acres and is 95-percent leased, with 15,000-square-feet available. The high-volume shopping center is located directly off Route 72 West at the intersection of Washington Avenue and is also 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. The center is easily accessed from the Garden State Parkway by taking exit 63, and is in close proximity to the affluent New Jersey shore town, Long Beach Island.

“The purchase of this multi-anchor retail center is ideal for our long-term portfolio strategy, as the Manahawkin Commons already boasts great visibility and high traffic in a desirable location, but also has plenty of potential as a value-add property with the additional opportunity for 12,500-square-feet of pad-site development,” said Robert Schmitt, principal in The Hampshire Companies. “MCB Real Estate and One Liberty Properties, Inc. provide first-rate operational and institutional partnerships to ensure strong returns for our investors.”

Senior managing director of HFF, Jose Cruz, represented The Hampshire Companies in the transaction. Cruz, along with managing director Kevin O’Hearn and real estate analyst Robert Borny of HFF, represented the seller.

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