Oak Park Commons at 901-913 Oak Tree Road in South Plainfield — Courtesy: HFF
By Joshua Burd
A real estate investment trust has acquired a 137,000-square-foot, grocery-anchored shopping center in South Plainfield, following a deal arranged by brokers with HFF.
Known as Oak Park Commons, the property is located at 901-913 Oak Tree Road in the northwestern section of Middlesex County. Both HFF and its new owner, ShopOne Centers REIT Inc., touted the complex’s 98 percent occupancy and strong demographics in the surrounding area.
Terms were not disclosed.
HFF represented both parties in the transaction, with the brokerage team including Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli and Director Jordan Avanzato
“Grocery-anchored centers are still highly sought after by both institutions and private investors alike,” Cruz said. “There was a great response to the offering given the location in that submarket and tenant mix.”
Oak Park Commons sits on about 16 acres, 22 miles southwest of Manhattan. Originally built in 1998, the seven-building, Acme-anchored center is 98 percent leased to tenants including CVS, Advance Auto Parts, Dollar Tree and others.
“The purchase of Oak Park Commons aligns with our strategy of acquiring well-located shopping centers in densely populated, fundamentally strong markets across the country,” said Michael Carroll, CEO of ShopOne. “This property is particularly attractive considering its prime position in a major transportation corridor and the opportunity to unlock incremental value through operational and capital improvements.”
