Monday, July 13, 2015

HFF closes $42.25 million sale of multi-anchor retail center near coastal New Jersey

  
Lori Schwartz
FLORHAM PARK, NJ, July 13, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $42.25 million sale of Manahawkin Commons, a 318,100-square-foot, multi-anchor retail center with future additional development potential in Manahawkin, New Jersey.

HFF marketed the property on behalf of the seller, ACI Manahawkin LLC.  The Hampshire Companies, a full-service, private real estate investment firm, purchased the asset in a joint venture with MCB Real Estate, LLC and One Liberty Properties, Inc.

 Mitchell Greene, Robert Sasloff and Lori Schwartz of Robinson Brog Leinwand Greene Genovese & Gluck P.C. provided legal counsel to ACI Manahawkin LLC during the transaction.

 Anchored by Kmart, T.J.Maxx and Regal Cinemas, the 95-percent-leased Manahawkin Commons is home to a variety of national and regional tenants including Staples, Michaels, Pier One, Famous Footwear, Great Clips, Five Below, McDonald’s, Verizon Wireless, Game Stop, Subway and Dunkin Donuts. 

Additionally, the site has preliminary approval for three proposed pad sites approximately 12,500 square feet.  

Situated on 48 acres at Washington Avenue and Route 72, a retail corridor with an average daily traffic count of 50,000 vehicles, the center is the first retail destination off of the Garden State Parkway at exit 63 on the way to Long Beach Island, an affluent beach resort town on New Jersey’s central coast.

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

“There was a significant amount of interest in this property given the current tenant base and potential upside,” said Cruz.


 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

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