The Village Shoppes at Hawk Pointe in Washington Township – Courtesy: HFF
By Joshua Burd
A developer has reaped more than $16 million from the sale of a grocery-anchored retail complex and a medical office building in Warren County, brokers with HFF said.
The capital markets firm on Wednesday announced that it represented Asbury Farms in the sale of The Village Shoppes at Hawk Pointe and the adjacent multispecialty outpatient facility. Larken Associates purchased the fully leased, 81,415-square-foot retail center, which is anchored by ShopRite, in addition to the 25,000-square-foot, single-tenant medical office building.
The HFF team included senior managing directors Jose Cruz and Kevin O’Hearn, Managing Director Chris Munley, senior directors Ben Appel, Steve Simonelli and Michael Oliver and Director Michael DiCosimo.
“With a premier grocery anchor and extreme barriers to entry in this market, The Village at Hawk Pointe is a highly successful asset,” Munley said. “In today’s retail environment, grocery-anchored product continues to demand premium pricing.”
In a news release, HFF said The Village Shoppes at Hawk Pointe is the only grocery-anchored shopping center within a 10-mile radius and is also home to Anytime Fitness and Visions Federal Credit Union. Meantime, Hunterdon Healthcare occupies the medical office building under a triple net lease and is open seven days a week.
Asbury completed the Hunterdon Healthcare building in 2016, while The Village Shoppes opened in 2010. The properties, which are on Clubhouse Drive in Washington, are within a master-planned, mixed-use 400-acre community.
“This is a destination location surrounded by amenities that bring patients to this location and drive the success of the hospital,” Appel said. “With additional land slated for the future development of medical office and senior care, this campus will continue to grow.”