Cushman & Wakefield announced on Monday it arranged the $12.5 million sale of a 51,794-square-foot grocery-anchored retail center in Boonton.
The Dels Village Shopping Center, which is located at 115 Hawkins Place and anchored by Kings Food Market, was sold by ROI Management to an undisclosed buyer.
The commercial real estate firm’s Capital Markets team of Seth Pollack, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Max Helfman represented the seller and procured the buyer.
“The high level of investor demand stemmed from the center’s lengthy history of being well occupied; it’s a proven, durable investment opportunity,” said Pollack. “Dels Village is currently 97 percent leased with a weighted average remaining lease term of nearly eight years. Kings, which has anchored the center since 1999, signaled their success at this location by choosing to renovate and expand their footprint in 2015.”
The center, which sits on a 4.4-acre parcel of land, is within close access to Interstate 287 and Route 2020.
“The property’s loyal, highly affluent demographic base is a compelling attribute and will keep the center poised for future stability,” Whitmer said.
