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WEST HEMPSTEAD, NY-The Hub, a newly-constructed 248,749-sf community shopping center anchored by such tenants as Home Depot, Stop & Shop and Old Navy, was sold for $33.8M or $135.88 per sf.

The CB Richard Ellis (CBRE) Tri-State investment team, led by Jeffrey R. Dunne, has arranged the sale. Dunne and partner Jim Tully, with assistance from Bruce Nelson of CBRE’s Jericho, NY office, represented the seller, SC/B&C Hemp, LLC, which is comprised of Starwood Ceruzzi, Breslin Realty Development Corp. and Colin Management.

The CBRE team was also responsible for securing the buyer, Morris Realty Associates LLC, an entity controlled by The Morris Companies, a Rutherford, NJ-based owner/developer. Morris owns a variety of assets including industrial, office and retail around the tri-state region. 2438 Route 22 East in Union, NJ is recent retail acquisition of theirs which was also handled by CB Richard Ellis. The 100% leased property has existing debt in place, which was assumed by Morris Realty Associates, LLC in the sale negotiations.

“The Hub has been a centerpiece of the revitalization efforts of this community,” says Dunne. “The property is well-positioned to continue to be the premier retail center in the area.”

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