HFF closes sale/leaseback transaction involving two grocery-anchored retail centers located in New Jersey and suburban Philadelphia

Pathmark grocery, 140 North MacDade Boulevard in Glenolden, Pennsylvania.

 

Jose Cruz

FLORHAM PARK, NJ – HFF announced today that it has closed the sale/leaseback transaction involving two grocery-anchored retail centers totaling 220,431 square feet in New Jersey and suburban Philadelphia.

                HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Company (A&P) and its affiliates. 

MCB Real Estate, LLC, in conjunction with Alex Brown Realty, Inc., purchased the two properties free and clear of existing debt. 

50 Race Track Road, East Brunswick, NJ

A&P continues to operate Pathmark grocery stores at each of the sites.  HFF closed the sale/leaseback of four freestanding Pathmark stores from this portfolio earlier this year and has sold more than 15 A&P/Pathmark-anchored supermarket centers in New Jersey and the surrounding markets for various owners during the last two years.

                This most recent portfolio is comprised of 50 Race Track Road in East Brunswick, New Jersey and 140 North MacDade Boulevard in Glenolden, Pennsylvania.

Andrew
Scandalios

                The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien as well as associate Marc Duval.

According to Cruz, “The buyer had a thorough understanding of the neighborhoods and performed exceptionally well in the transaction.”

MCB Real Estate is a privately-held, institutionally capitalized commercial real estate investment firm.

Kevin O'Hearn

 Through deep experience in all phases of the real estate cycle, MCB successfully employs multiple strategies to achieve strong risk-adjusted returns in retail, industrial and office assets.  More information on MCB is available at www.mcbrealestate.com.   

Jeffrey Julien

Alex Brown Realty, Inc. (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland.  ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States.  More information on ABR is available at www.abrealty.com

Founded in 1859, A&P is one of the nation's first supermarket chains. The company operates more than 300 stores in six states under the following banners: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.

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

krmurphy@hfflp.com