Wednesday, October 21, 2015

HFF closes $53.8 million sale of northern New Jersey Class A retail center

Chester Springs Shopping Center, 141--205 Route 206, Chester Borough, NJ

Kevin O'Hearn
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Chester Springs Shopping Center, a 223,000-square-foot, Class A, grocery-anchored retail center in Chester Borough, New Jersey.

HFF marketed the property on behalf of the seller, Heitman and Ramco-Gershenson Properties Trust.  Dividend Capital Diversified Property Fund, Inc. purchased the asset for $53.8 million (approximately $241 per square foot).

Chester Springs Shopping Center is anchored by ShopRite, the market leader in the region, in addition to Marshalls and Staples.  The 95-percent-leased center is also home to other national retailers including Starbucks, CVS Pharmacy, Burger King, Great Clips, Bagel Café, Subway and Massage Envy.

 Chester Springs Shopping Center is situated in downtown Chester on 20.61 acres at 141-205 Route 206, a main thoroughfare through western Morris and Somerset Counties.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Steve Simonelli and supported by senior managing director Andrew Scandalios and managing director Chris Munley.

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

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

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