EAST BRUNSWICK, NJ—Prestige Properties and Development has acquired a 117,000-square-foot, fully leased, retail center anchored by an Aldi grocer store, at 50 Race Track Road in East Brunswick, NJ, for $23.375 million.
Holliday Fenoglio Fowler’s team of senior managing director José Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli marketed the property on behalf of the seller, a partnership between MCB Real Estate and Alex Brown Realty. Prestige purchased the property free and clear of any mortgage financing.
“Having brokered the sale of this property to the seller in 2013 after the space had been vacated by a Home Depot Villager and just prior to A&P/Pathmark’s second bankruptcy filing, we are thrilled to arrange its sale again now that ownership has successfully carried out their repositioning strategy,” O’Hearn says.
“The retail market continues to be actively bid upon by private as well as institutional investors alike as they look for quality and yield,” says Cruz.
In addition to the Aldi grocery anchor, the property is leased to Burlington, AutoZone and Jersey Fine Wines. The recently renovated center also includes a new building that is occupied by Starbucks, Supercuts and Five Guys. About 90 percent of the occupancy represents national tenants with a weighted average lease term in excess of 10.5 years. Situated on 10 acres, the property is located within the Route 18 retail corridor, with daily traffic counts of approximately 60,000 vehicles. The center is in an infill location with approximately 88,000 residents within a three-mile radius and an average annual household income of more than $137,000.