EGG HARBOR TWP., NJ-The Lightstone Group, which has been on an aggressive national buying spree of major retail properties, has added another asset to its growing portfolio. The Lakewood, NJ-based company has picked up Heather Croft Square Shopping Center, a 101,071-sf grocery-anchored property, for just over $9.6 million. The sale price factors out to $95 per sf.
The seller was a Long Island, NY family, which owned it as their only commercial real estate asset. Financing for the transaction came from Wachovia.
"This acquisition reflects our core strategy of acquiring retail properties with excellent fundamentals," says Angela Mirizzi-Olsen, Lightstone's SVP/CIO. Mirizzi-Olsen closed the transaction on behalf of Lightstone, along with colleagues Jeffrey Dash, director of retail leasing; Ramona Ferreira, VP of acquisitions; and Adriana Peters, general counsel.
The property will fall under the management responsibility of Dash, who supervises five other retail properties in New Jersey and 10 in Pennsylvania. Approximately 96% occupied at the time of acquisition, Heather Croft Square is anchored by a 38,485-sf A&P Super Fresh grocery store. Other tenants include a 24,250-sf Staples, a Pizza Hut and Weight Watchers.
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