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| Commons at Hooper Shopping Center, Toms River, NJ |
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| A. Mitchell Greene |
LORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announces the $21.1 million sale of Commons at Hooper, a
120,349-square-foot community shopping center in the coastal community of Toms
River, New Jersey.
The HFF team marketed the
property in connection with bidding procedures approved by the United States
Bankruptcy Court for the Southern District of New York in the Chapter 11 case
of AC I Toms River LLC, which entity was represented by A. Mitchell Greene, Esq. of the law firm of Robinson Brog Leinwand
Greene Genovese & Gluck P.C.
Unison
Realty Partners in partnership with ALTO Real Estate Funds purchased the asset
free and clear of existing debt.
The 86-percent-leased
Commons at Hooper is home to 21 tenants, including Michaels, DSW, Dollar Tree,
Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s
and Citi Financial. The center was built
in 1987 and has a pad site for future development.
Commons at Hooper is
situated on 14.63 acres at 1350 Hooper Avenue, a major retail corridor in Ocean
County with an average daily traffic volume of approximately 40,000 vehicles
per day. An estimated 61,377 residents
earning an average annual income of more than $90,000 live within three miles
of the center.
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| Jose Cruz |
The HFF investment sales
team that represented the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli
and director Marc Duval.
“The value-add
opportunities in well-located retail markets in the Garden State are in very
high demand these days,” Cruz said. “This deal has a significant amount of
upside in the leasing and potential repositioning.”
Holliday Fenoglio Fowler,
L.P. and Holliday GP Corp, are licensed New Jersey real estate brokers.
For more information on this press release, please
contact:
Kristen M. Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
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