Jeffrey Dunne of CB Richard Ellis' New York Tri-State Region Institutional Group represented the Cornerstone Properties' entity and also procured the buyer.
A 50,283-sf Shaw's Supermarket anchors Clinton Commons. Other tenants at the 100% occupied complex on East Main Street include a 10,000-sf Jo Ann Fabrics location, a 7,360-sf West Marine store, Advanced Auto Parts, which occupies a 6,650-sf store and Blockbuster Video, which leases 4,500 sf.
Dunne says Northstar Properties bested 15 bidders for the shopping center.
"Clinton Commons provides a stable cash flow with 96% of the space leased to well known national tenants, as well as upside potential through the development of a vacant pad site and by raising the center's rents," Dunne says.
The vacant pad site could accommodate a building of approximately 3,000 sf to 4,000 sf, Dunne notes.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.