50 Race Track Road in East Brunswick — Courtesy: HFF
By Joshua Burd
A joint venture has sold a 117,000-square-foot, grocery-anchored shopping center in East Brunswick for more than $25 million, in a deal arranged by brokers with HFF.
The real estate firm announced that it represented MCB Real Estate and Alex Brown Realty Inc. in the sale of 50 Race Track Road, a complex located just off Route 18. Prestige Properties and Development acquired the property for $25.4 million, free and clear of any mortgage financing.
The HFF team representing the seller included Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
In addition to the Aldi grocery anchor, the property is leased to Burlington, AutoZone and Jersey Fine Wines, HFF said in a news release. The recently renovated center also includes a new building that is occupied by Starbucks, Supercuts and Five Guys.
“Having brokered the sale of this property to the seller in 2013 after the space had been vacated by a Home Depot Villager and just prior to A&P/Pathmark’s second bankruptcy filing, we are thrilled to arrange its sale again now that ownership has successfully carried out their repositioning strategy,” O’Hearn said.
HFF said 90 percent of the occupancy represents national tenants with a weighted average lease term in excess of 10.5 years. Sitting on 10 acres, the property is located within the Route 18 retail corridor, with daily traffic counts of about 60,000 vehicles and a high-income population of 88,000 residents within a three-mile radius.
“The retail market continues to be actively bid upon by private as well as institutional investors alike as they look for quality and yield,” Cruz said.
