EAST BRUNSWICK, NJ-Two grocery-anchored retail centers, one here and the other in Glenolden, PA, have been traded in sale/leaseback deals arranged by HFF.
HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Company (A&P) and its affiliates.
MCB Real Estate and Alex Brown Realty together purchased the two properties. A&P operates Pathmark grocery stores at each of the sites, 50 Race Track Road here, and 140 North MacDade Boulevard in Glenolden.
HFF closed the sale/leaseback of four freestanding Pathmark stores from the same portfolio earlier this year and has sold more than 20 A&P/Pathmark-anchored supermarket centers in New Jersey and the surrounding markets for various owners over the last two years.
The HFF team representing the seller was led by Jose Cruz and Andrew Scandalios, working with Kevin O'Hearn and Jeffrey Julien, as well as associate Marc Duval.
According to Cruz, “The buyer had a thorough understanding of the neighborhoods and performed exceptionally well in the transaction.”
MCB Real Estate is a privately-held, institutionally capitalized commercial real estate investment firm and Alex Brown Realty is a privately-owned real estate investment manager headquartered in Baltimore. ABR co-invests with joint venture partners in a broad spectrum of property types.
Founded in 1859, A&P is one of the nation's oldest supermarket chains. The company operates more than 300 stores in six states under the following banners: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.
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