FLORHAM PARK, NJ – HFF announced today that it has closed the sale/leaseback transaction involving two grocery-anchored retail centers totaling 220,431 square feet in New Jersey and suburban Philadelphia.
HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Company (A&P) and its affiliates. MCB Real Estate, LLC, in conjunction with Alex Brown Realty, Inc., purchased the two properties free and clear of existing debt. A&P continues to operate Pathmark grocery stores at each of the sites. HFF closed the sale/leaseback offour freestanding Pathmark stores from this portfolio earlier this year and has sold more than 15 A&P/Pathmark-anchored supermarket centers in New Jersey and the surrounding markets for various owners during the last two years.
This most recent portfolio is comprised of 50 Race Track Road in East Brunswick, New Jersey and 140 North MacDade Boulevard in Glenolden, Pennsylvania.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien as well as associate Marc Duval.
According to Cruz, “The buyer had a thorough understanding of the neighborhoods and performed exceptionally well in the transaction.”
MCB Real Estate is a privately-held, institutionally capitalized commercial real estate investment firm. Through deep experience in all phases of the real estate cycle, MCB successfully employs multiple strategies to achieve strong risk-adjusted returns in retail, industrial and office assets. More information on MCB is available at www.mcbrealestate.com.
Alex Brown Realty, Inc. (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. More information on ABR is available at www.abrealty.com.
Founded in 1859, A&P is one of the nation's first supermarket chains. The company operates more than 300 stores in six states under the following banners: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.