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| Jose Cruz |
FLORHAM PARK, NJ – HFF announced it has closed the $22.7
million sale of Greenwich Center, a 182,583-square-foot retail power
center located in Phillipsburg, New Jersey.
HFF
marketed the property on behalf of Retail Properties of America, Inc. An affiliate of Northeast Capital Group and
BHN Associates purchased the asset for $22.7 million free and clear of existing
debt in an all cash transaction.
Greenwich Center is located at
1200-1208 New Brunswick Avenue in Phillipsburg, which is 73 miles north of
Philadelphia and 70 miles west of New York City.
The property is situated at the intersection of New
Brunswick Avenue and Route 22, which is just off of Interstate 78 by the
Pennsylvania border. Developed in two
stages, Center I was completed in 2002, and Center II was finished in 2006.
 |
| Andrew Scandalios |
The shopping center
is 93.25 percent leased to national and regional tenants including Staples,
Best Buy, Pier 1 Imports, Petco, Dollar Tree, Sleepy’s, Michaels, Ashley
Furniture, Five Below and Famous Footwear, and is shadow anchored by Target and
Lowe’s Home Improvement.
The HFF investment sales team representing the sellers was
led by senior managing directors Jose Cruz and Andrew Scandalios,
managing directors Kevin O’Hearn, Jeffrey Julien and Chris Munley and
senior real estate analyst Marc Duval.
“This
property was very attractive to us due to it being the only anchored center in
town situated directly off the Interstate exit with strong visibility, thereby
promising the center continued dominance in the market for years to come,” said
Joel Kiss CEO of NECG.
Retail Properties of America, Inc. is a REIT and is one of
the largest owners and operators of high quality, strategically located
shopping centers in the United States.
As of March 31, 2014, the company owned 227 retail operating properties
representing 31.2 million square feet, including its pro rata share of
unconsolidated joint ventures. The
company is publicly traded on the New York Stock Exchange under the ticker
symbol RPAI.
 |
| Kevin O'Hearn |
Additional
information about the company is available at www.rpai.com.
Northeast Capital Group (NECG) is a private equity
investment group which is based in NY’s Rockland County. NECG looks to invest in stable and value-add
Commercial and Residential Real Estate with an emphasis on well-located
Anchored Shopping Centers in primary and secondary markets around the
Country.
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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel
617.543.4873 | www.hfflp.com
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