LINDEN, NJ—Lamar Companies sold its Linden Commons, a 115,500-square-foot, fully-leased, retail center in Linden, NJ, to Prestige Properties & Development for $30.5 million, capping an 18-month turnaround and transformation project.
"This acquisition far outperformed our expectations, as we were able to stabilize a vacant center within 18 months by capitalizing on the strong tenant demand for class A centers in dense infill locations in the Northern New Jersey market," says Ralph Pugliano of Lamar Companies.
Linden Commons was originally built in 1955 and renovated and reconfigured in 2014 from a single-tenant retail center to the one-building multi-tenant center it is today. The property is 100 percent leased to eight tenants, including Burlington Coat Factory, Blink Fitness, T.J. Maxx, Buffalo Wild Wings and Sprint. Situated on 10.74 acres at 1701 West Edgar Road (Route 1 and 9), Linden Commons is located in the southern part of Linden, about 12 miles southwest of Manhattan.
Holliday Fenoglio Fowler marketed the property on behalf of Lamar Companies. The HFF investment sales team representing the seller was led by senior managing director José Cruz, managing directors Kevin O'Hearn and Chris Munley and associate directors Michael Oliver and Steve Simonelli.
"We are extremely pleased to have helped Lamar Companies with this successful sale that concluded their business plan of repositioning a vacant K-mart box into a thriving multi-tenant shopping center," says O'Hearn.
"The property is a fully-leased, Class A, infill retail deal with credit tenants so the activity was very strong," says Cruz. "Prestige completed due diligence efficiently and closed as expected."
""We appreciate the valued efforts made by HFF on this sale as it provides us an excellent opportunity to redeploy the capital into our value add business as we are actively seeking and working on additional redevelopment opportunities," Pugliano says.
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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].
