Saturday, October 24, 2015

HFF closes $12 million sale of Essex Square on Route 17 in Bergen County, NJ

Essex Square, 184 Essex Street, Lodi, NJ

Chris Munley
FLORHAM PARK, NJ --  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $12 million sale of Essex Square, a 16,000-square-foot retail strip center located within the prestigious Route 17 retail corridor in the New York City suburb of Lodi, New Jersey. 

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 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 |

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