Commons at Hooper, located at 1350 Hooper Ave. in Toms River — Courtesy: HFF
By Joshua Burd
Investors have acquired a 120,349-square-foot community shopping center in Toms River, in a $21.1 million deal arranged by brokers with HFF.
The real estate services firm said Thursday that it brokered the sale of 1350 Hooper Ave., known as Commons at Hooper, in connection with a Chapter 11 bankruptcy proceeding. The buyers, a partnership of Unison Realty Partners and ALTO Real Estate Funds, have acquired an 86 percent leased property that is home to 21 tenants.
HFF Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli and Director Marc Duval led the investment sales team representing the seller.
“The value-add opportunities in well-located retail markets in the Garden State are in very high demand these days,” Cruz said. “This deal has a significant amount of upside in the leasing and potential repositioning.”
HFF marketed the property in connection with bidding procedures approved by a U.S. Bankruptcy Court judge in the Southern District of New York. The case involved an entity identified as AC I Toms River LLC, which was represented by A. Mitchell Greene of the law firm of Robinson Brog Leinwand Greene Genovese & Gluck P.C.
Unison Realty, a private equity real estate firm focused on middle-market retail investing, and ALTO purchased the asset free and clear of existing debt.
Tenants at Commons at Hooper include Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s and Citi Financial, HFF said in a news release. The center, which sits on nearly 15 acres, was built in 1987 and has a pad site for future development.
