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| Ace Aerials Photo |
Tonnelle Plaza, 8101 Tonnelle Avenue (Routes 1 and 9), North Bergen, NJ
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| Jose Cruz |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Tonnelle Plaza, a 350,000-square-foot
retail center with a warehouse component in the New York metropolitan area
suburb of North Bergen, New Jersey.
HFF marketed the property
on behalf of the seller, 8101 Tonnelle Avenue, LLC. An affiliate of New York-based Northeast
Capital Group and BHN Associates purchased the asset free and clear of existing
debt.
Tonnelle Plaza was
renovated in 2008 after being developed by the seller in 1990.
Anchored by ALDI and Burlington Coat Factory,
the 95.7-percent-leased center is also home to Planet Fitness, Chuck E. Cheese,
JP Morgan Chase Bank, Sally Beauty Supply, Subway, McDonalds, All Pet
Distributors and Good Chinese Kitchen.
In addition to the 155,500 square feet of
retail space, the two-level center has 196,000 square feet of warehouse space
fully leased to three tenants.
Situated on 12.6 acres at 8101 Tonnelle Avenue (Routes 1 and 9),
Tonnelle Plaza is less than 10 miles from Midtown Manhattan and in the Hudson
waterfront retail submarket. North
Bergen is a designated Urban Enterprise Zone with nearby national retailers,
including Lowe’s Home Improvement, The Home Depot, Target, Walmart and BJ’s
Wholesale Club.
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| Michael Oliver |
The HFF investment sales
team representing the seller was led by senior managing director Jose Cruz, managing director Kevin
O’Hearn and associate directors Michael
Oliver and Steve Simonelli and
supported by senior managing director Andrew
Scandalios.
“Tonnelle Plaza is located
in one of Northern New Jersey’s most densely-populated neighborhoods,” Cruz
said. “The property benefits from a wide
array of shoppers and is a great addition to the new partnership’s portfolio.”
“We appreciated the
opportunity to close yet another deal with the New Jersey HFF team,” said
Northeast Capital Group CEO Joel Kiss. “This property was very appealing due to its
stellar real estate along with the unique diversification benefit of having
retail and industrial uses. Similarly
appealing was the strong value-add opportunities here, especially with the 10
percent retail vacancy and below market rents.”
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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