The sale was arranged by Cushman & Wakefield's Metropolitan Area Financial Services Group. According to FSG director Jose R. Cruz, "Wharton Realty Group has added a solid asset. This is a mature center that has enjoyed increased sales figures throughout its history. The property occupies an attractive location in a mixed-use neighborhood with other successful retail sites nearby."

Situated on a 24-acre site, Linden Plaza is currently 99% leased, according to Cruz. Its tenant roster includes WalMart, Modell's Sporting Goods, Dress Barn, Fashion Bug, Party City, Rag Shop, Lucille Roberts, Sleepy's and Food Mart International.

The transaction marks the latest sell-off by Starwood Heller, which is a joint venture between G. Heller Enterprises and the Stamford, CT-based Starwood Capital Group's Starwood Opportunity Fund IV. Last spring, C&W's FSG repped Starwood Heller in the sale of a seven-property, 720,000-sf mixed-use portfolio to Inland Real Estate Acquisitions for a reported $131.4 million (see earlier story).

"Demand has been strong throughout the year for well-positioned retail assets in New Jersey," Cruz says. "Starwood Heller has taken advantage of current market conditions to achieve excellent returns on its investments."