By Joshua Burd
A five-state, 934,000-square-foot retail portfolio anchored by grocery and wholesale stores is on the market for sale, with an offering that includes properties in northern and central New Jersey.
Brokers with HFF are marketing the eight-property portfolio on behalf of the seller, touting its 99 percent occupancy, resilience to e-commerce and presence in markets such as New Jersey, Long Island, Baltimore and Boston. The Garden State properties include a ShopRite-anchored center at 375 Paterson Ave. in Wallington and a Stop & Shop location at 581 Stelton Road in Piscataway.
Projected pricing for the portfolio is around $215 million.
The other locations include:
- Fairhaven Plaza in Fairhaven, Massachusetts
- Garden City Square in Garden City, New York
- Price Chopper Plaza in Warwick, New York
- Albany ShopRite in Albany, New York
- Parkway Crossing in Parkville, Maryland
- Big Pine Center in Big Pine, Florida
“The portfolio comprises institutional-quality properties located in top-tier East Coast submarkets,” HFF wrote in its marketing materials. “The properties have been owned and maintained by a premier, national operator, which has been in business for more than 90 years.”
The brokerage team also noted that 80 percent of the portfolio’s total gross leasable area is committed to anchor tenants, minimizing the exposure to smaller retailers with shorter leases.
HFF’s Jose Cruz, James Koury, Danny Finkle, Michael Joseph, Jordan Lex, Chris Munley, Kevin O’Hearn and Axel Anderson are leading the marketing team, with Jon Mikula, Michael Klein and Devlin Murphy overseeing financing opportunities.