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| Essex Square, 184 Essex Street, Lodi, NJ |
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| Chris Munley |
HFF marketed Essex Square
on behalf of the seller, ARC Properties Inc.
Capstone Realty Group advised the buyer, Pako Realty Corp., and
facilitated a 1031 tax exchange of the center that was acquired all cash.
Essex Square is a
100-percent-occupied, regional retail strip center leased to national and
regional tenants, including Capital One Bank, 7-Eleven, MedExpress, Jimmy
John’s Gourmet Sandwiches, Rita’s, Muscle Maker Grill and Great Clips.
The two-building center
benefits from highway visibility and a traffic count of more than 104,000 vehicles
per day.
The property is located at 184 Essex Street in close proximity to Interstate 80, which provides direct access into New York City. More than 216,000 people live within a three-mile radius of the property with notable nearby towns including Paramus and Hackensack.
The property is located at 184 Essex Street in close proximity to Interstate 80, which provides direct access into New York City. More than 216,000 people live within a three-mile radius of the property with notable nearby towns including Paramus and Hackensack.
The HFF investment sales
team representing the seller was led by managing directors Chris Munley and Kevin
O’Hearn and senior managing director Jose
Cruz.
“Retail assets of this
nature continue to be in high demand from multiple equity sources around the
country,” Munley said. “The tremendous
outpour of interest received on this property was a reflection of both the quality
tenancy and irreplaceable location within the highly-desirable Bergen County
submarket of Northern New Jersey.”
“The center is well
located and fits well with our investor’s strategy for long-term stable
ownership,” said Monica Kang, a
principal with Capstone Realty Group.
For a
complete copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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