The acquisition is actually a TIC deal, with a dozen co-ownersinvolved. According to information released by the new owners, theacquisition was funded by a package amounting to 75% loan-to-valuewith a cap rate of 6.86%. Company officials project a cash-on-cashreturn of 7.09%.

The center, developed on land acquired by Transmark from SimonProperty Group, sits at the entrance to the latter's 1.2-million-sfRockaway Townsquare. The Shops at Rockaway, completed last year,was nearly 93% leased at the time of sale. Tenants include RockawayBedding, Sprint, Supercuts, Coldstone Creamery, Quizno's, Dunkin'Donuts and Carter's Childrens Wear.

For Transmark, which has most of its assets in the western US,the disposition involves that company's only existing New Jerseyproperty. Transmark is preparing to re-enter the Garden State,however, with a project under development in Deptford, in thesouthern part of the state.