Dels Village Shopping Center at 115 Hawkins Place in Boonton — Courtesy: Cushman & Wakefield
By Joshua Burd
A private buyer has acquired a nearly 52,000-square-foot retail center in Boonton, in a $12.5 million transaction by Cushman & Wakefield.
Brokers with the firm represented the seller, ROI Management, in the transaction at 115 Hawkins Place. They noted that the Dels Village Shopping Center, which spans 51,794 square feet, has been anchored by a Kings Food Market since 1999.
The C&W capital markets team included Seth Pollack, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Max Helfman.
“The high level of investor demand stemmed from the center’s lengthy history of being well occupied,” Pollack said. “It’s a proven, durable investment opportunity.”
Currently 97 percent leased, tenants at Dels Village have a weighted average remaining lease term of nearly eight years, C&W said. Kings signaled its success at the 4.4-acre site by choosing to renovate and expand its footprint in 2015.
The brokerage team also touted the center’s proximity to Interstate 287 and Route 202, along with Morris County’s affluent population.
“The property’s loyal, highly affluent demographic base is a compelling attribute and will keep the center poised for future stability,” Whitmer said.