8A — June 26 - July 16, 2015 — Shopping Centers — M id A tlantic
Real Estate Journal
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HFF closes sale of and arranges financing for A&P anchored retail center in NNJ Vision Real Estate Partners acquires 119,000 s/f at 55-75 Mayhill St.
ADDLE BROOK, NJ — Vision Real Es- tate Partners has ac- quired 55-75 Mayhill St. , a neighborhood shopping cen- ter comprised of two build- ings, totaling 119,000 s/f in Saddle Brook, announced Sam Morreale , founder and managing partner. The 12-acre site is anchored by a 62,000 s/f A&P supermarket and is approved for an ad- ditional 12,000 s/f of retail space. Additionally, the site has 45,000 s/f of near-term availability, which can be leased as a single unit or S
55-75 Mayhill St
divided into multiple units. Buyer Vision Real Estate Partners and the seller were represented in the transac- tion by Jose Cruz of Hol- liday Fenoglio Fowler (HFF) , FlorhamPark. HFF’s Jon Mikula worked on be- half of Vision Real Estate Partners to secure acquisi- tion financing through Ori- tani Bank . “We’re pleased to have been able to complete this transac- tion and add this well-located property to our portfolio,” said Morreale. “This is a core in-fill location in Ber- gen County’s dynamic retail market, with very strong demographics.” Constructed between 1998 and 2000, the site also offers almost 800 parking spaces. It is situated between I-80 and the Garden State Parkway, with visibility from busy Market St. in Saddle Brook, and is less than ten miles from the George Washington Bridge. The population with- in a three-mile radius totals more than 252,000 with an average household income of over $75,000. “The location and demo- graphics speak for them- selves,” said Morreale. n Stafford SmithRealty brokers $875k sale EAST ORANGE, NJ — Ray Smith , Broker of Stafford Smith Realty in Shrewsbury, announced the sale of the former Ace Hard- ware at 352 Central Ave, East Orange. For $875,000. The 12,682 s/f building is on about one acre in the very busy downtown area of East Orange. The buyer, Jonathan Vogel, intends to redevelop the property for retail use. n
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