BLOOMFIELD, NJ-Bloomfield Franklin LLC, an entity controlled by the Morristown-based Hampshire Cos., has acquired a condominium interest in Franklin Square, a 122,000-sf shopping center straddling this city's border with neighboring Belleville. The shopping center was developed in phases from 1999 through 2002 and operates as a condominium association with six individual units. The seller was the association controlling four of the six units, and the sale price was not disclosed.
"Franklin Square offers Hampshire an opportunity to own the shop space in a very successful grocery-anchored shopping center," says Jeffrey Dunne of CB Richard Ellis' Tri-State Investment Team, who co-brokered the deal with CBRE colleague Ryan Bassett on behalf of the ownership. "The area is densely populated and severely site constrained with little land available for future development. That should bode well for the center over time."
The four condo units sold total just less than 52,000 sf. Key tenants within the four units include A.J. Wright (25,000 sf), Children's Place (4,500 sf), Blockbuster (4,000 sf), Washington Mutual (3,000 sf) and Sprint PCS (2,000 sf). A Stop & Shop supermarket and a McDonald's restaurant, both individual condo units, were not part of the sale.
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