The Mall at Mill Creek in Secaucus — Courtesy: CBRE
By Joshua Burd
An institutional buyer has acquired a 306,000-square-foot shopping center in the sprawling mixed-use Harmon Meadow complex in Secaucus, in a deal arranged by brokers with CBRE.
The firm said Tuesday that it represented the seller, Mill Creek Mall LLC, in the trade of the Mall at Mill Creek. The buyer is an institutional client of New York Life Real Estate Investors and will take over a power center at the nexus of Route 3 and the New Jersey Turnpike, whose tenants include the likes of Kohl’s, T.J. Maxx, Toys R Us/Babies R Us and Bob’s Discount Furniture.
Terms were not disclosed.
“Mill Creek provided a rare opportunity to purchase a dominant center within a vibrant, mixed-use development such as Harmon Meadow,” Jeffrey Dunne of CBRE said. “We expect that the buyer will fare well with the acquisition due to the center’s credit rent roll, strong position in the market and additional upside through lease-up of the 47,000-square-foot vacancy.”
Dunne represented the seller alongside David Gavin and Travis Langer of CBRE’s National Retail Partners. The team also procured the buyer.
The brokers touted the center’s location within the 200-acre Harmon Meadow development, which sits four miles outside Manhattan. The area includes about 2 million square feet of office space, 1 million square feet of retail, nine hotels, a convention center and a host of restaurant and entertainment options.