The deal was arranged by Jeffrey Dunne and Ryan Bassett of the CB Richard Ellis Tri-State Investment Team. The duo represented the seller and brought the buyer to the table.
Located 16 miles from Philadelphia and a mile from the Atlantic City Expressway in Camden County, Gloucester Town Center was completed in 2003. Anchored by a ground lease with Acme Markets, which occupies a 57,560-sf store, its tenant roster also includes Blockbuster Video, Columbia Bank, Hallmark, AT&T Wireless, Subway, H&R Block and Super Cuts. The center also has limited tenant lease expirations until 2013.
"An exceptional tenant roster, stable cash flow and minimal expirations coupled with an excellent long-term outlook for the region made the sale of this asset highly competitive," Dunne says." Besides the latest sale, Dunne's group is currently marketing a number of assets. Among them are Windsor at Liberty House, a 324-unit apartment complex in Jersey City, NJ; Washington Plaza, a 216,219-sf office building in Stamford, CT; Norden Park, a 612,119-sf business park in Norwalk, CT; and Triangle 17, a 90,631-sf strip shopping center in Ramsey, NJ.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
