TOMS RIVER, NJ-Paramount Realty Services has received a $20-million on its Tri-City Plaza grocery-anchored center here in a deal arranged by HFF that will pay off existing debt on the asset. The 100%-leased center, which is at 108,109 square feet, is at a "Main and Main" corner for the area, Jon Mikula, an HFF senior managing director, tells GlobeSt.com.
Tri-City is anchored by a Super Stop & Shop, which Mikula says is one of the "top three" grocers in this area of coastal Central New Jersey. "The owner has continued to make upgrades to the center, including renovated outparcel space for new tenants," maintaining its value, he adds.
Paramount originally constructed the center in 1999 with a former joint-venture partner. The firm, based in Lakewood, NJ, owns and manages about four million square feet of shopping centers in the Northeast.
Besides the Stop & Shop, other tenants in the center include Starbucks, Dollar Tree and GNC. Stop & Shop takes up just over 58,000 square feet in the asset.
Tri-City is located on just under 16 acres at 2360 Lakewood Rd. It is less than 40 miles east of Trenton, and HFF says that about 27,000 cars a day pass it on Route 9.
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