LODI, NJ— Pako Realty is paying $12 million to acquire Essex Square, a 16,000-square-foot retail strip center located within the prestigious Route 17 retail corridor in the New York City suburb of Lodi, NJ. 

Holliday Fenoglio Fowler arranged the sale of the 16,000-square-foot retail strip center on behalf of the seller, ARC Properties.  Capstone Realty Group advised Pako, and facilitated a 1031 tax exchange of the center that was acquired all cash. 

“The center is well located and fits well with our investor's strategy for long-term stable ownership,” says Monica Kang, a principal with Capstone.

Essex Square is a 100-percent-occupied, regional retail strip center leased to national and regional tenants, including Capital One Bank, 7-Eleven, MedExpress, Jimmy John's Gourmet Sandwiches, Rita's, Muscle Maker Grill and Great Clips.  The property, at 184 Essex Street, is near Interstate 80, which provides direct access into New York City. 

The HFF investment sales team representing the seller was led by managing directors Chris Munley and Kevin O'Hearn and senior managing director José Cruz.

“Retail assets of this nature continue to be in high demand from multiple equity sources around the country,” Munley says.  “The tremendous outpour of interest received on this property was a reflection of both the quality tenancy and irreplaceable location within the highly-desirable Bergen County submarket of Northern New Jersey.”