Thursday, February 20, 2014

HFF closes the sale/leaseback on a grocery-anchored shopping center in Belleville, NJ

A&P Shopping Center anchored by Pathmark Supermarket, Belleville, NJ

Jose Cruz

FLORHAM PARK, NJ - HFF announced today that it has closed the sale/leaseback of a 53,946-square-foot shopping center anchored by a Pathmark Supermarket in Belleville, New Jersey.

                HFF marketed the property on behalf of the seller, The Great Atlantic & Pacific Tea Company (A&P) and its affiliates, as part of a larger nine-property A&P and Pathmark-branded grocery store and sale/leaseback portfolio in the greater New York and Philadelphia metropolitan areas. 

A joint venture between affiliates of Black Oak Associates and MCB Real Estate, LLC purchased the Belleville property free and clear of debt.  A&P continues to operate a Pathmark grocery store at the site.

 HFF closed the sale/leaseback of four freestanding Pathmark stores from this portfolio last year and has sold more than 15 A&P/Pathmark-anchored supermarket centers in New Jersey and the surrounding markets for various owners during the last two years.

Andrew Scandalios
                The property is located on 9.49 acres at 115 Belmont Avenue less than one mile from the Garden State Parkway in Belleville, northwest of Newark.  The fully leased property consists of a 51,946-square-foot Pathmark Supermarket and 2,000 square feet of in-line retail space.

The HFF investment sale/leaseback team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeff Julien and real estate analyst Marc Duval.

“MCB has acquired the third property of this portfolio giving them a superbly located Northern New Jersey infill asset and more diversification,” said Cruz.

Kevin O'Hearn
Founded in 1991, Black Oak Associates is an integrated property, development / redevelopment and investment management company operating in the mid-Atlantic region with approximately 2 million square feet currently owned and managed.

The Company specializes in retail and mixed use projects and has acquired properties and land at different stages of development that have required site planning, zoning changes, permitting, access improvements and building construction.

  Black Oak is focused on sustainability and increasing value through long term ownership.  More information on Black Oak is available at

Jeff Julien

MCB Real Estate is a privately held, institutionally capitalized commercial real estate investment firm.  Through deep experience in all phases of the real estate cycle, MCB successfully employs multiple strategies to achieve strong risk-adjusted returns in retail, industrial, and office assets.  More information on MCB is available at  

Founded in 1859, A&P is one of the nation's first supermarket chains. The company operates more than 300 stores in six states under the following banners: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

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