HFF announces the $16.2 million sale of The Village Shoppes at Hawk Pointe and Hunterdon Medical Office Building, which comprises an 81,415-square-foot, fully leased, ShopRite-anchored retail center and a 25,000-square-foot, single-tenant medical office building in Washington, New Jersey.
The HFF team marketed the property on behalf of the seller, Asbury Farms. Larken Associates purchased the asset.
Anchored by ShopRite, the dominant grocery in Warren County, The Village Shoppes at Hawk Pointe is the only grocery-anchored shopping center within a 10-mile radius and is also home to Anytime Fitness and Visions Federal Credit Union. Completed in 2016, the Hunterdon Medical Office Building is a multi-specialty outpatient medical office building on a triple net lease with Hunterdon Healthcare (Fitch A+) and is open seven days a week. The building was constructed in 2016 adjacent to The Village Shoppes at Hawk, which opened in 2010. Situated on Clubhouse Drive in Washington, the properties are within a premier 400-acre master-planned live, work, play community featuring an award-winning golf course, 53,000 square feet of commercial space, plans for a hotel and a 120-unit assisted living facility with memory care units, 120 existing residences and more than 200 additional residences that are planned to be built.
The HFF investment advisory team representing the seller included senior managing directors Jose Cruz and Kevin O’Hearn, managing director Chris Munley, senior directors Ben Appel, Steve Simonelli and Michael Oliver and director Michael DiCosimo.
“With a premier grocery anchor and extreme barriers to entry in this market, The Village at Hawk Pointe is a highly successful asset,” Munley said. “In today’s retail environment, grocery-anchored product continues to demand premium pricing.”
“This is a destination location surrounded by amenities that bring patients to this location and drive the success of the hospital,” Appel added. “With additional land slated for the future development of medical office and senior care, this campus will continue to grow.”
About Asbury Farms
Asbury Farms Real Estate Development (Asbury Farms) creates new and insightful ways that turn environmental problems into economical assets by promoting sound environmental strategies. The company’s focus is on the development of communities that foster economic growth through purposeful planning, land-based design utilizing a close collaboration with residents, local government, business, education and environmental groups.
Asbury Farms’ belief that people are a part of nature and when they listen to, learn from, and deepen their relationship with nature they can create consistent value, long-term productivity and healthier communities.
For more information on Asbury Farms Real Estate Development, please visit www.asburyfarms.com.
About Larken Associates
A two-generation, family-owned business since 1965, Larken Associates is widely recognized as one of the region’s fastest growing and most well-respected real estate firms. Based in Branchburg, New Jersey, Larken is responsible for developing prominent residential and commercial projects throughout New Jersey, New York and Pennsylvania. The company has developed, owned and managed over 4,000 residential for sale and rental units and close to three million square feet of commercial space. For additional information, call Larken Associates at (908) 874-8686, or visit www.LarkenAssociates.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
