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ROCKAWAY, NJ-TREC Investment Realty has acquired the Shops at Rockaway, a 40,000-sf strip, for $20 million. For the Las Vegas-based TREC, formerly known as Transwestern Investment Realty, that price factors out to $500 per sf. The seller was the property’s original developer, the Tucson-based Transmark Co.

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

The center, developed on land acquired by Transmark from Simon Property Group, sits at the entrance to the latter’s 1.2-million-sf Rockaway Townsquare. The Shops at Rockaway, completed last year, was nearly 93% leased at the time of sale. Tenants include Rockaway Bedding, 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 Jersey property. Transmark is preparing to re-enter the Garden State, however, with a project under development in Deptford, in the southern part of the state.

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