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| The Plaza at Cape May Court House, New Jersey |
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| Chris Munley |
PHILADELPHIA, PA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $32.1 million
sale of The Plaza at Cape May Court
House, a 163,629-square-foot, grocery-anchored retail center in the coastal
community of Cape May Court House, New Jersey.
HFF marketed the property
on behalf of the seller, Polimeni International, LLC. An affiliate of RW Capital Partners, Inc.
purchased the asset free and clear of existing debt.
The Plaza at Cape May
Court House is located at 11 Court House South Dennis Road in Cape May, one of
the most visited tourist destinations on the East Coast with more than 12.5
million visitors annually.
Positioned off of Route 9, the gateway to the
Jersey shore, the center is at the termination of Stone Harbor Boulevard, one
of the main thoroughfares to the Stone Harbor and Avalon shore
destinations.
The Plaza at Cape May
Court House is 97.6 percent leased to a variety of national and regional
tenants, including ACME Markets (ACME), Marshalls, Staples, CVS Pharmacy, Pier
1 Imports, Alfredo’s Pizza, Chopsticks Restaurants, Melini Hair Care, GNC and
Payless ShoeSource.
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| Jose Cruz |
The HFF team representing
the seller was led by managing director Chris
Munley and supported by senior managing director Jose Cruz and managing director Kevin O’Hearn.
“The Plaza at Cape May
Court House is the dominant grocery-anchored retail center within the
sub-market,” Munley said. “The asset is
anchored by a high-performing ACME and offers additional upside opportunities
in conjunction with a currently strong occupancy rate.”
“Retail continues to
remain high on investors list of preferred product types with grocery-anchored
centers taking the top spot for institutions and private buyers alike,” Cruz
said.
“The Plaza at Cape May
Court House acquisition offers RW Capital Partners, Inc. the opportunity to
redevelop and reposition a core asset in a desirable market,” noted Robert F. Whalen, Jr., RW Partners
managing partner.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
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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