Real Estate Journal — New Jersey — November 13 - 26, 2015 — 3B
www.marejournal.com
M id A tlantic
N ew J ersey Essex Square is a 16,000 s/f retail strip center HFF closes $12 million sale of Essex Square in Lodi, NJ
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ODI, NJ — Holliday Fenoglio Fowler, LP (HFF) announced that it has closed the $12 mil- lion sale of Essex Square, a 16,000 s/f retail strip center located within the presti- gious Route 17 retail corridor in the New York City suburb of Lodi. HFF marke t ed Essex Square on behalf of the seller, ARC Properties Inc. Cap- stone Realty Group ad- vised the buyer, Pako Realty Corp., and facilitated a 1031 tax exchange of the center that was acquired all cash. Essex Square is a 100%-oc- cupied, regional retail strip center leased to national and regional tenants, including Capital One Bank, 7-Elev- en, MedExpress, Jimmy John’s Gourmet Sandwiches, Rita’s, Muscle Maker Grill and Great Clips. The two- building center benefits from highway visibility and a traffic count of more than 104,000 vehicles per day. The property is located at 184 Es- sex St. in close proximity to I-80, which provides direct access into New York City. More than 216,000 people live within a three-mile ra- dius of the property with no- table nearby towns including Paramus and Hackensack. The HFF investment sales team representing the seller was led by managing direc- tors Chris Munley and Kevin O’Hearn and senior managing director Jose Cruz . “Retail assets of this na- ture continue to be in high demand frommultiple equity sources around the country,” Munley said. “The tremen- dous outpour of interest re- ceived on this property was a reflection of both the quality tenancy and irreplaceable location within the highly- desirable Bergen County submarket of Northern New Jersey.” “The center is well located and fits well with our inves- tor’s strategy for long-term stable ownership,” said Mon- ica Kang , a principal with Capstone Realty Group. HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. n L
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