WEST ORANGE, NJ – March 7, 2016 – Clarion Partners has acquired Essex Green, a 350,000-square-foot community shopping center located in West Orange, NJ. Sources familiar with the transaction say the sale price was around slightly more than $100 million.
Holliday Fenoglio Fowler marketed the property on behalf of the seller, a global investment manager that was not identified. Clarion purchased the asset free and clear of existing debt in a highly-competitive process, on behalf of a commingled fund. According to HFF, this is one of the largest retail sales in New Jersey in the last two years.
The HFF investment sales team representing the seller was led by senior managing director José Cruz, managing director Kevin O'Hearn and associate director Stephen Simonelli, with assistance from senior managing director Andrew Scandalios and managing director Chris Munley.
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