Plaza 23, 500 Route 23 North, Pompton Plains, NJ
POMPTON PLAINS, NJ—Phillips Edison Grocery Center REIT II has acquired Plaza 23, a 161,000-square-foot, grocery-anchored shopping center located in the Morris County community of Pompton Plains, NJ, for $51 million.
Holliday Fenoglio Fowler marketed the property on behalf of the seller, who was not identified. Phillips Edison purchased the asset free and clear of existing debt. Phillips Edison is a public non-traded real estate investment trust that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States.
Anchored by Stop & Shop, Plaza 23 is the only grocery-anchored shopping center in Pompton Plains. The center is also home to national and regional tenants, including T.J. Maxx, HomeGoods, GNC, Moe’s Southwest Grill, Sally Beauty Supply and others. Smashburger will also be opening soon. The property has a potential pad development site on its 18.76 acres.
Located at 500 Route 23 North near the full interchange of Interstate 287, Plaza 23 is situated along a major retail corridor within northern Morris County, and the center is exposed to over 54,000 vehicles per day. More than 60,000 residents with an average annual household income of more than $119,000 live within a three-mile radius of the property.
The HFF investment sales team representing the seller was led by senior managing directors José 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 says.