4B — October 10 - 23, 2014 — New Jersey — M id A tlantic
Real Estate Journal
N ew J ersey 182,583 s/f retail center in Phillipsburg, NJ HFF arranges $22.7m sale of New Jersey retail power center
HILLIPSBURG, NJ — HFF announced that it has closed the $22.7 million sale of Greenwich Cen- ter, a 182,583 s/f retail power center located in Phillipsburg. HFF marketed the property on behalf of Retail Properties of America, Inc . An affiliate of Northeast Capital Group andBHNAssociates purchased the asset for $22.7 million free and clear of existing debt in an all cash transaction. Greenwich Center is located at 1200-1208 New Brunswick Ave. in Phillipsburg, which is 73 miles north of Philadelphia and 70 miles west of New P
York City. The property is situated at the intersection of New Brunswick Ave. and Rte.
22, which is just off of I-78 by the Pennsylvania border. De- veloped in two stages, Center I was completed in 2002, and Center II was finished in 2006. The shopping center is 93.25% leased to national and regional tenants. The HFF investment sales team representing the sellers was led by senior managing directors Jose Cruz and An- drew Scandalios , managing directors Kevin O’Hearn , Jeffrey Julien and Chris Munley and senior real estate analyst Marc Duval . “This property was very at- tractive to us due to it being the only anchored center in town situated directly off the Interstate exit with strong vis- ibility, thereby promising the center continued dominance in the market for years to come,” said Joel Kiss CEO of NECG. n Sitar Realty Co. announces recent transactions NEW JERSEY — Sitar Realty Company , Iselin, New Jersey announced the following real estate transactions: A 10,846 s/f office lease at 18 ColumbiaTpke., FlorhamPark, NJ by Gordon Rees, LLP from Columbia Corporate Center. WilliamSitar Jr. represented the tenant. A 9,000 s/f office lease space at 1913 Atlantic Ave., Wall by NRG Home Solar from Cusa Realty, LLC. Ron Schrader Jr. represented the tenant and Paul Cusa represented the landlord. A 8,000 s/f. industrial lease at 5039 Industrial Way, Wall, New Jersey by OSDC, LLC from DetCon Industrial. Paul Cusa represented the landlord. A 7,668 s/f. industrial lease at 7 Third Ave., Neptune by Na- tional Parts Supply fromKawut Properties, LLC. Marge Har- vey represented the landlord. n
Dominance: “...most inuential, having a commanding position.” (Webster’s) New Jersey’s dominant brokerage rm specializing in the sale of multi-family, retail, and commercial investment properties for private investors, REITS, and other institutional clients.
RECORD First Half 2014 67 Closings!! Just under 3 deals PER WEEK
INVESTMENT REAL ESTATE
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