Wall Twp. retail center sells for $41.5M, HFF says

By Eric Strauss
Wall Township | Jun 4, 2018 at 1:11 pm

A Wall Township retail center has sold for $41.5 million, according to real estate services firm Holliday Fenoglio Fowler L.P.

Wall Towne Center, which totals 99,070 square feet at 2433-2445 Route 34, was sold by AEW Capital Management L.P., on behalf of one of its separate account clients, to DWS Group, which purchased the property free and clear of financing.

HFF marketed the ShopRite-anchored property on behalf of the seller. The fully leased center includes 12 other tenants, including AT&T, Great Clips, OceanFirst Bank and others.

“The investment market responded very favorably to Wall Towne Center, given the ShopRite sales, location and surrounding demographics,” HFF Senior Managing Director Jose Cruz said in a prepared statement. “We continue to see demand for high-quality retail throughout New Jersey.”

The center was built in 1997 and underwent its most recent renovations in 2017, enabling ShopRite to expand its space.

HFF’s team included Cruz; Kevin O’Hearn and Chris Munley, managing directors; and Michael Oliver and Stephen Simonelli, senior directors.

 

Eric Strauss | estrauss@roi-nj.com | acerimrat