Friday, March 25, 2016

HFF closes $32.1 million sale of grocery-anchored retail center near the Jersey shore

The Plaza at Cape May Court House, New Jersey

Chris Munley
PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $32.1 million sale of The Plaza at Cape May Court House, a 163,629-square-foot, grocery-anchored retail center in the coastal community of Cape May Court House, New Jersey.

HFF marketed the property on behalf of the seller, Polimeni International, LLC.  An affiliate of RW Capital Partners, Inc. purchased the asset free and clear of existing debt.

The Plaza at Cape May Court House is located at 11 Court House South Dennis Road in Cape May, one of the most visited tourist destinations on the East Coast with more than 12.5 million visitors annually.

 Positioned off of Route 9, the gateway to the Jersey shore, the center is at the termination of Stone Harbor Boulevard, one of the main thoroughfares to the Stone Harbor and Avalon shore destinations. 

The Plaza at Cape May Court House is 97.6 percent leased to a variety of national and regional tenants, including ACME Markets (ACME), Marshalls, Staples, CVS Pharmacy, Pier 1 Imports, Alfredo’s Pizza, Chopsticks Restaurants, Melini Hair Care, GNC and Payless ShoeSource.

Jose Cruz
The HFF team representing the seller was led by managing director Chris Munley and supported by senior managing director Jose Cruz and managing director Kevin O’Hearn.

“The Plaza at Cape May Court House is the dominant grocery-anchored retail center within the sub-market,” Munley said.  “The asset is anchored by a high-performing ACME and offers additional upside opportunities in conjunction with a currently strong occupancy rate.”

“Retail continues to remain high on investors list of preferred product types with grocery-anchored centers taking the top spot for institutions and private buyers alike,” Cruz said.

“The Plaza at Cape May Court House acquisition offers RW Capital Partners, Inc. the opportunity to redevelop and reposition a core asset in a desirable market,” noted Robert F. Whalen, Jr., RW Partners managing partner.  

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

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

No comments: