FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged joint venture equity on behalf of Stonemar Properties, LLC for their acquisition of Milford Plaza, (top right photo) a 180,051-square-foot, grocery-anchored retail center in Milford, Connecticut. HFF director John Taylor and associate director Michael Lachs exclusively represented Stonemar Properties, LLC in the transaction that secured a private New York metropolitan area-based fund to provide the initial $7.4 million in joint venture equity.
Situated on a 16-acre site at 143-211 Cherry Street in Milford, Milford Plaza is located along the Interstate 95 corridor approximately eight miles west of New Haven. The property was redeveloped from 1994 to 2006 and is currently 89% leased to tenants including ShopRite Supermarket (anchor tenant), Bob’s Stores (co-anchor) and Blockbuster.
“Stonemar recognized the opportunities presented with approximately 30,000 square feet of vacant contiguous space at the center of the property,” said Taylor.
Headquartered in New York, Stonemar Properties, LLC is a real estate investment and acquisitions firm focused on acqu
iring strategically located shopping centers in expanding secondary U.S. markets. HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing. http://www.hfflp.com/.
Contacts:
John N. Taylor, HFF Director, (973) 549-2000, jtaylor@hfflp.com
Myra. F. Moren, HFF Director, Marketing, (713) 852-3500, mmoren@hfflp.com
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