TOMS RIVER, NJ—Holliday Fenoglio Fowler arranged the $21.1 million sale of Commons at Hooper, a 120,349-square-foot community shopping center in the coastal community of Toms River, NJ.
HFF marketed the property in connection with bidding procedures approved by the United States Bankruptcy Court for the Southern District of New York in the Chapter 11 case of AC I Toms River, which was represented by A. Mitchell Greene, Esq. of the law firm of Robinson Brog Leinwand Greene Genovese & Gluck. Unison Realty Partners and ALTO Real Estate Funds purchased the asset free and clear of existing debt.
The 86-percent-leased Commons at Hooper is home to 21 tenants, including Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s and Citi Financial. The center was built in 1987 and has a pad site for future development. Commons at Hooper is situated on 14.63 acres at 1350 Hooper Avenue, a major retail corridor in Ocean County with an average daily traffic volume of approximately 40,000 vehicles per day.
The HFF investment sales team representing the seller included senior managing director José Cruz, managing director Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli and director Marc Duval.
“The value-add opportunities in well-located retail markets in the Garden State are in very high demand these days,” Cruz says. “This deal has a significant amount of upside in the leasing and potential repositioning.”