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| Essex Green Shopping Center 295 Prospect Avenue, West Orange, NJ |
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| Jose Cruz |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Essex Green, a 350,000-square-foot
community shopping center located in the northern New Jersey community of West
Orange, New Jersey.
FF marketed the property
on behalf of the seller, a global investment manager. Clarion Partners purchased the asset free and
clear of existing debt in a highly-competitive process on behalf of a
commingled fund. According to HFF, this
is one of the largest retail sales in New Jersey in the last two years.
Essex Green Shopping
Center is the largest community shopping center in Essex County. Ninety-six percent leased at the time of
closing, the center has a mix of national, regional and local tenants,
including ShopRite, Macy’s Backstage, a nine-screen AMC Theatre with dine-in
service, Total Wine & More, Sears Appliance/Outlet, Petco, TGI Fridays,
Panera Bread, GameStop and GNC.
Situated on 33.38 acres at
295 Prospect Avenue, the six-building Essex Green Shopping Center is positioned
at the corner of Prospect and Rooney Circle directly off a four-way interchange
with Interstate 280 (Essex Freeway).
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| Kevin O'Hearn |
One of the most affluent parts of the state,
the area is commonly referred to as “Suburban Essex” and includes the
communities of Livingston, Milburn/Short Hills, Essex Fells, Glen Ridge,
Montclair, Verona and Maplewood.
The HFF investment sales
team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Stephen Simonelli and supported by senior
managing director Andrew Scandalios
and managing director Chris Munley.
“Essex Green was very
highly sought after, given the record grocery sales at the property combined
with the upside of the available space,” Cruz said.
“Grocery-anchored retail remains very high on
institutional investors’ lists of asset classes that they need for their
funds. I will also say that we had a
significant amount of private buyers show up for this offering.”
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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