Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Investment Group represented Goodrich Hazlet LLC, an affiliate of Goodrich Management, in the sale of Kmart Plaza in Hazlet, New Jersey for $26.2 million. The team was also responsible for procuring the buyer, Onyx Equities.
Kmart Plaza is a ±203,912 square-foot center anchored by Kmart, with additional tenants including Bank of America, TGI Friday’s, GNC, GameStop and Payless Shoes. The center is located in an infill market on Route 35 (±42,695 cars per day) in a dense retail corridor, with over two million square feet of retail within approximately five miles of the center. Nearby tenants include Costco, Lowe’s, Home Depot, ShopRite, Stop & Shop, Bed Bath & Beyond, Target, Kohl’s and Petco, to name a few. At ±71% occupied, the Property benefits from strong in-place income with upside through lease-up of the former ±51,000 square-foot Pathmark.
Mr. Dunne commented: “Kmart Plaza represents a highly unique value add opportunity in a major retail market in New Jersey. The center is ideally positioned for near-term lease up and potential redevelopment.”
CBRE’s Metro NY National Retail Investment Group has a number of attractive retail investment opportunities on the market, including: Silver Sands Plaza, an 85,000 square-foot Stop & Shop anchored center in Milford, CT; Palmer Center, an 80,000 square-foot Stop & Shop anchored center in New Rochelle, NY; Maple Tree Place, a 489,000 square-foot center in Williston (Burlington), Vermont; Pelham Bay Professional Center, a 77,000 square-foot mixed use retail and medical property in the Bronx, NY; and Mid-Hudson Center, a 235,600 square-foot Home Depot anchored power center in Poughkeepsie, New York.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
