SOUTH PLAINFIELD, NJ–HFF has closed the sale of Oak Park Commons, a 136,939-square-foot, grocery-anchored retail center in South Plainfield, to WP Realty, which is based in Pennsylvania.
HFF marketed the property on behalf of the seller, identified only as an institutional investor advised by PNC Realty Investors. WP Realty Inc. purchased the property for an undisclosed amount free and clear of debt.
Oak Park Commons is located at 901-913 Oak Tree Road at the intersection of Park Avenue in South Plainfield. Built in 1999, the retail center is anchored by an A&P Supermarket and is 76.5 percent leased overall. Other tenants include CVS, McDonald’s, Radio Shack, Wells Fargo and Fitness-19.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Michael Oliver.
Cruz commended the buyers’ acumen in making the deal: “WP Realty and their partners performed very well throughout this transaction and now own a well-located retail center with significant upside.”
WP Realty is a real estate investment, development, management and leasing company headquartered in Bryn Mawr. The company handles leasing and entrepreneurial management, with a focus on turning around underperforming retail centers.
HFF operates out of 21 offices nationwide, providing commercial brokerage and capital markets services, including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing.
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