JLL Capital Markets said Nov. 25 that it has arranged the sale of a $126 million retail portfolio consisting of three premier neighborhood shopping centers spanning New Jersey, Pennsylvania and Ohio markets.
JLL represented the seller, SITE Centers Corp., which sold the portfolio to Haverford Retail Partners.
The portfolio includes East Hanover Plaza in East Hanover; Southmont Plaza in Easton, Pennsylvania; and Stow Community Shopping Center in Stow, Ohio. The three properties total nearly 770,000 square feet of gross leasable area and maintain an aggregate occupancy rate of 99% across 46.8 acres of prime retail real estate.
East Hanover Plaza is a 98,020-square-foot neighborhood shopping center featuring three subsidiaries of TJX Cos. as anchor tenants, with HomeSense, HomeGoods and Sierra occupying nearly 70% of the owned square footage.
The property maintains 100% occupancy and benefits from shadow anchors Costco and Target along Route 10, which carries 35,600 average daily traffic counts. The East Hanover property center serves an exceptionally affluent area and provides access to interstates 287 and 280 and Route 24.
Senior Managing Director Jose Cruz, Senior Director J.B. Bruno and Associate Michael Kavaler led the East Hanover Plaza transaction.
“The retail investment market across the United States has demonstrated resilience with strong fundamentals supporting continued investor demand,” said Senior Managing Director Jim Galbally. “The combination of investment-grade credit tenants, exceptional demographics and dominant market positions in high-barrier-to-entry locations created significant buyer interest.”
