Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.