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.
“Essex Green was very highly sought after, given the record grocery sales at the property combined with the upside of the available space,” Cruz said. “Grocery-anchored retail remains very high on institutional investors' lists of asset classes that they need for their funds. I will also say that we had a significant amount of private buyers show up for this offering.”
Essex Green Shopping Center is the largest community shopping center in Essex County. Ninety-six percent leased at the time of closing, the center has a mix of national, regional and local tenants, including ShopRite, Macy's Backstage, a nine-screen AMC Theatre with dine-in service, Total Wine & More, Sears Appliance/Outlet, Petco, TGI Fridays, Panera Bread, GameStop and GNC. Situated on 33.38 acres at 295 Prospect Avenue, the six-building Essex Green Shopping Center is positioned at the corner of Prospect and Rooney Circle directly off a four-way interchange with Interstate 280 (Essex Freeway). One of the most affluent parts of the state, the area is commonly referred to as “Suburban Essex” and includes the communities of Livingston, Milburn/Short Hills, Essex Fells, Glen Ridge, Montclair, Verona and Maplewood.
Correction, 3/9/2016: An earlier version of this story omitted the sale price, estimated by industry observers.
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.
“Essex Green was very highly sought after, given the record grocery sales at the property combined with the upside of the available space,” Cruz said. “Grocery-anchored retail remains very high on institutional investors' lists of asset classes that they need for their funds. I will also say that we had a significant amount of private buyers show up for this offering.”
Essex Green Shopping Center is the largest community shopping center in Essex County. Ninety-six percent leased at the time of closing, the center has a mix of national, regional and local tenants, including ShopRite, Macy's Backstage, a nine-screen AMC Theatre with dine-in service, Total Wine & More, Sears Appliance/Outlet, Petco, TGI Fridays, Panera Bread, GameStop and GNC. Situated on 33.38 acres at 295 Prospect Avenue, the six-building Essex Green Shopping Center is positioned at the corner of Prospect and Rooney Circle directly off a four-way interchange with Interstate 280 (Essex Freeway). One of the most affluent parts of the state, the area is commonly referred to as “Suburban Essex” and includes the communities of Livingston, Milburn/Short Hills, Essex Fells, Glen Ridge, Montclair, Verona and Maplewood.
Correction, 3/9/2016: An earlier version of this story omitted the sale price, estimated by industry observers.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
