EWING, NJ–Cushman & Wakefield's Metropolitan Area Capital Markets Group has orchestrated the sale of 1600 North Olden Avenue in Ewing. A joint venture between Black Oak Associates and Broad Oak Partners acquired the 98,359-square-foot mixed-use property, situated along the area's most heavily traveled retail corridor.

“The property's mix of value-add retail, office and industrial/flex space and geographic location align perfectly with the assets Broad Oak Partners is looking for,” says Cushman & Wakefield's David Bernhaut, who brokered the sale with Metropolitan Area Capital Markets Group team members Andrew Schwartz, Andrew Merin, Gary Gabriel and Brian Whitmer. The private investment group will focus on increasing long-term value and attracting new businesses to the area.

At the time of the sale, 1600 North Olden Avenue was 65 percent leased with a tenant mix that includes Family Dollar and Dunkin' Donuts, as well as the State of New Jersey Department of Motor Vehicles. The existing tenants have long lease terms, a history of renewal or expansion and strong credit, a combination which generated robust interest from potential investors.

“One of the things that attracted Broad Oak Partners to this property was the quality of the tenants,” says Schwartz. “Over 40 percent of the building has investment grade credit tenants based on the occupancy of State of New Jersey and Family Dollar.”

Another key selling point is the property's location on North Olden Avenue, the area's primary retail corridor. The proximity to major brands including CVS, Home Depot, Bank of America, GNC and Aldi Supermarket is expected to attract a broad range of retail tenants. The location also is convenient to businesses seeking office and warehouse space, as it includes an industrial/flex component with high ceilings, ample parking and accessibility to North Olden Avenue. “The space offers options for a variety of enterprises, including wholesalers as well as service-oriented businesses such as fitness centers and child care centers,” says Schwartz.

This acquisition is the third in Black Oak's latest investment funding vehicle, Black Oak IV, LP, and marks the eighth property acquired by Black Oak in four years.

Broad Oak Partners, an affiliate of Weidel Real Estate, is led by Richard A. Weidel III and focuses on value-added real estate investments throughout the NYC to Philadelphia corridor.