N.Y. REIT buys South Plainfield shopping center

Oak Park Commons in South Plainfield has been bought by ShopOne Centers REIT Inc.

The 139,717-square-foot grocery-anchored shopping center is 98 percent occupied, and includes a CVS, Advance Auto, Goodyear Tire, Dollar Tree, McDonald’s and Wells Fargo Bank.

“The purchase of Oak Park Commons aligns with our strategy of acquiring well-located shopping centers in densely populated, fundamentally strong markets across the country,” said New York-based ShopOne’s CEO, Michael Carroll. “This property is particularly attractive, considering its prime position in a major transportation corridor and the opportunity to unlock incremental value through operational and capital improvements.”

A team from Holliday Fenoglio Fowler LLP represented the seller and procured the buyer in the transaction. The team included Jose Cruz, senior managing director; Kevin O’Hearn, managing director; Michael Oliver and Stephen Simonelli, senior directors; and Jordan Avanzato, director.

Oak Park Commons features three multitenant buildings and four single-tenant buildings.