Lawnside Commons is a 151,000-square-foot shopping center anchored by Home Depot.
LAWNSIDE, NJ—A partnership of MCB Real Estate of Baltimore and Singapore-based United Hampshire US REIT has acquired the 151,000-square-foot Lawnside Commons shopping center here for $31.55 million.
The 100% leased property is anchored by Home Depot and also includes PetSmart, Wendy's, T-Mobile and Mattress Firm on its tenant roster. Cushman & Wakefield represented the unidentified seller and procured the MCB-United Hampshire partnership in the transaction.
Cushman & Wakefield investment sales specialists from the firm's East Rutherford, NJ office Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Max Helfman, along with Karen Iman and Keith Braccia of the firm's Philadelphia office worked on the deal.
"Lawnside Commons is supported by affluent demographics and a densely-populated trade area with a population of 286,000 people within a five-mile radius," says C&W's Whitmer. "Currently 100% leased to a seasoned lineup of long-time national tenants, this asset presented an incredible opportunity to acquire a best-in-class retail property just eight miles from Philadelphia."
The property offers visibility at the crossroads of a primary commuting corridor in proximity to I-295 and the New Jersey Turnpike. Lawnside Commons boasts ample parking and four separate points of ingress/egress, including a signalized intersection off Route 30.
US Hampshire REIT in a March 27th announcement reported Pet Smart had signed a 30,760-square-foot lease extension at Lawnside Commons, extending the term from 2021 to October 2031.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
