DENVILLE, NJ—Stanbery Development has sold The Shoppes at Union Hill, a 92,431 square-foot lifestyle center located at 3056 State Route 10 West in Denville, NJ to Oak Brook, IL-based Retail Properties of America for $63.1 million.

Brad Nathanson, executive vice president in CBRE's Philadelphia office and Jeff Dunne, vice chairman in CBRE's Saddle Brook office, represented the seller. Stanbery Development did not return GlobeSt.com's phone call seeking comment. In a financial results press release issued earlier this week, Retail Properties of America said the transaction includes the assumption of mortgage debt with a principal balance of $16 million and an interest rate of 3.75% that matures in 2031.

“This was truly a Class A lifestyle center that led the industry when it was constructed in 2003,” Nathanson tells GlobeSt.com exclusively. “Nobody knew what a lifestyle center was, so it was sort of a pioneer, a concept that was coming into existence. More fashion tenants were exiting closed malls because they would rather be in highway commercial centers, and that was the breadth of a new industry that was to be created over the next 10-15 years.”

Today, Nathanson says, about three-quarters of the original tenancy still occupies the property.

The new owner is likely to seek to modernize the tenant mix a bit, Nathanson tells GlobeSt.com. “Most lifestyle centers today are more restaurant-oriented and less fashion-oriented regarding soft goods lines,” he says.

Business at the center will probably remain strong because of its attractive location, Nathanson says.

“The closest competition is probably the Rockaway Mall, which is about 10-15 miles away,” he says. “There's also a mall in Short Hills, but that's over 15 miles away. So this really has a captive audience.”

Built in 2003, The Shoppes at Union Hill has major tenants including Gap, Pier 1 Imports, Banana Republic, Ann Taylor LOFT, Talbots, Jos A Bank, Starbucks and Panera Bread. The property was 93 percent occupied at the time of the sale.

DENVILLE, NJ—Stanbery Development has sold The Shoppes at Union Hill, a 92,431 square-foot lifestyle center located at 3056 State Route 10 West in Denville, NJ to Oak Brook, IL-based Retail Properties of America for $63.1 million.

Brad Nathanson, executive vice president in CBRE's Philadelphia office and Jeff Dunne, vice chairman in CBRE's Saddle Brook office, represented the seller. Stanbery Development did not return GlobeSt.com's phone call seeking comment. In a financial results press release issued earlier this week, Retail Properties of America said the transaction includes the assumption of mortgage debt with a principal balance of $16 million and an interest rate of 3.75% that matures in 2031.

“This was truly a Class A lifestyle center that led the industry when it was constructed in 2003,” Nathanson tells GlobeSt.com exclusively. “Nobody knew what a lifestyle center was, so it was sort of a pioneer, a concept that was coming into existence. More fashion tenants were exiting closed malls because they would rather be in highway commercial centers, and that was the breadth of a new industry that was to be created over the next 10-15 years.”

Today, Nathanson says, about three-quarters of the original tenancy still occupies the property.

The new owner is likely to seek to modernize the tenant mix a bit, Nathanson tells GlobeSt.com. “Most lifestyle centers today are more restaurant-oriented and less fashion-oriented regarding soft goods lines,” he says.

Business at the center will probably remain strong because of its attractive location, Nathanson says.

“The closest competition is probably the Rockaway Mall, which is about 10-15 miles away,” he says. “There's also a mall in Short Hills, but that's over 15 miles away. So this really has a captive audience.”

Built in 2003, The Shoppes at Union Hill has major tenants including Gap, Pier 1 Imports, Banana Republic, Ann Taylor LOFT, Talbots, Jos A Bank, Starbucks and Panera Bread. The property was 93 percent occupied at the time of the sale.