South Jersey Power Center is for Sale

CHERRY HILL, NJ-Lend Lease Real Estate Investments wants to sell its 25-acre, 350,000-sf Hillview Shopping Center in this South Jersey community and has tapped the Philadelphia office of Cushman & Wakefield to find a buyer. The owner would not reveal its asking price.

The sale actually involves some 210,000-sf of the five-year-old property, because one of the anchor tenants, Target, owns its own 140,000-sf space. Others on the tenant roster of the fully leased power center include a Kohl’s Department Store, PetsMart and Babies ‘R’ Us. The leases of most of the tenants run through the year 2016.

Hillview Shopping Center was originally developed in 1997 by the Rubin Organization, based across the Delaware River in Philadelphia. Co-owned by the Pennsylvania Real Estate Investment Trust (PREIT), it was sold to Lend Lease in 1999.

The shopping center’s location in this suburban community of 100,000 people is just across Route 38 from Cherry Hill Mall. The 1.5 million-sf super-regional is considered to be one of the premier shopping complexes in the southern portion of the Garden State.