Plaza 23 at 500 Route 23 North in Pompton Plains — Courtesy: HFF
By Joshua Burd
A real estate investment trust has acquired the only grocery-anchored shopping center in Pompton Plains, in a $51 million deal brokered by HFF’s New Jersey office.
The brokerage announced the deal Wednesday after representing the seller of Plaza 23, a 161,000-square-foot property at 500 Route 23 North. The buyer was Phillips Edison Grocery Center REIT II Inc., which purchased the asset free and clear of existing debt.
Anchored by Stop & Shop, Plaza 23 is also home to national and regional tenants such as T.J. Maxx, HomeGoods, GNC, Moe’s Southwest Grill, Sally Beauty Supply and others, HFF said in a news release. The firm also said there is a soon-to-open Smashburger and a potential pad development site on the 18.76-acre property.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Thomas Didio, Managing Director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and Associate Director Robert Borny.
“Well-leased, grocery-anchored, North Jersey retail centers like Plaza 23 continue to attract institutional bidders,” Cruz said.
Located near the full interchange of Interstate 287, Plaza 23 is situated along a major retail corridor within northern Morris County and is exposed to more than 54,000 vehicles per day.
