RW Partners Acquires Cape May County Retail Center for $32.1 Million

The Plaza at Cape May Court House, Cape May Court House, NJ

CAPE MAY COURT HOUSE, NJ– An affiliate of RW Capital Partners has acquired The Plaza at Cape May Court House , a 163,629-square-foot, grocery-anchored retail center in the coastal community of Cape May Court House, NJ, for $32.1 million. “The Plaza at Cape May Court House acquisition offers RW Capital Partners, Inc. the opportunity to redevelop and reposition a core asset in a desirable market,” says Robert F. Whalen Jr., RW Partners managing partner.   RW Partners, which purchased the asset free and clear of existing debt, is a real estate private equity firm based in the Philadelphia market, targeting opportunistic acquisitions of core and distressed commercial real estate assets. Holliday Fenoglio Fowler marketed the property on behalf of the seller, Polimeni International. Polimeni specializes in the development, construction, management, brokerage and marketing of prime commercial properties throughout the United States and in selected global markets. The HFF team representing the seller was led by managing director Chris Munley and supported by senior managing director José Cruz and managing director Kevin O’Hearn . “The property garnered tremendous interest from both regional and national capital sources.  This can be attributed to the quality of the asset and the lack of premier grocery-anchored product available in the Mid-Atlantic,” Chris Munley tells GlobeSt.com exclusively. “The asset is anchored by a high-performing ACME and offers additional upside opportunities in conjunction with a currently strong occupancy rate.” The Plaza at Cape May Court House is located at 11 Court House South Dennis Road in Cape May Court House, one of the most visited tourist destinations on the East Coast with more than 12.5 million visitors annually.  Positioned off of Route 9, the gateway to the Jersey shore, the center is at the termination of Stone Harbor Boulevard , one of the main thoroughfares to the Stone Harbor and Avalon shore destinations. “Retail continues to remain high on investors’ lists of preferred product types with grocery-anchored centers taking the top spot for institutions and private buyers alike,” says Cruz. The Plaza at Cape May Court House is 97.6 percent leased to a variety of national and regional tenants, including ACME Markets, Marshalls, Staples, CVS Pharmacy, Pier 1 Imports, Alfredo’s Pizza, Chopsticks Restaurants, Melini Hair Care, GNC and Payless ShoeSource .