 |
| Jose Cruz |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $30.5 million
sale of Linden Commons, a
115,500-square-foot, fully-leased, retail center in the northern New Jersey
community of Linden, New Jersey.
HFF marketed the property
on behalf of the seller, Lamar Companies.
Prestige Properties & Development purchased the asset.
Linden Commons was
originally built in 1955 and renovated and reconfigured in 2014 from a
single-tenant (K-mart) retail center to the one-building multi-tenant center it
is today.
The property is 100 percent leased to eight
tenants, including notable retailers such as Burlington Coat Factory, Blink
Fitness, T.J. Maxx, Buffalo Wild Wings and Sprint. Situated on 10.74 acres at 1701 West Edgar
Road (Route 1 and 9), Linden Commons is located in the southern part of Linden,
a community about 12 miles southwest from Manhattan.
The HFF investment sales
team representing the seller was led by senior managing director Jose Cruz, managing directors Kevin O’Hearn and Chris Munley and associate directors Michael Oliver and Steve
Simonelli.
 |
| Kevin O'Hearn |
“We are extremely pleased
to have helped Lamar Companies with this successful sale that concluded their
business plan of repositioning a vacant K-mart box into a thriving multi-tenant
shopping center,” stated O’Hearn.
“The property is a
fully-leased, Class A, infill retail deal with credit tenants so the activity
was very strong,” added Cruz. “Prestige
completed due diligence efficiently and closed as expected.”
"This acquisition far
outperformed our expectations, as we were able to stabilize a vacant center
within 18 months by capitalizing on the strong tenant demand for Class A
centers in dense infill locations in the Northern New Jersey market,” stated Ralph Pugliano of Lamar Companies.
“We appreciate the valued
efforts made by HFF on this sale as it provides us an excellent opportunity to
redeploy the capital into our value add business as we are actively seeking and
working on additional redevelopment opportunities."
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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