CBRE announced today that it has arranged for the sale of Towne Square Shopping Center—an 88,265 square foot retail center located at 872 Union Mill Road in Mount Laurel, New Jersey.
CBRE team members Brad Nathanson, Adam Rosenzweig and John Colussi represented the seller, The Hampshire Companies, and identified the buyer, The Westover Companies, during the transaction. Mr. Nathanson originally sold the property to The Hampshire Companies when they acquired it in 2012.
Nathanson says, “One of the most common trends in retail capital markets this year is the demand for high quality grocery anchored shopping centers in primary submarkets, and Towne Square Shopping Center is a great reflection of that trend. We received national interest from both private and institutional quality buyers who were attracted to the strength and performance of Shoprite as the anchor, as well as the high barriers to entry and quality of the submarket.”
Built in 1996, Towne Square Shopping Center is the retail centerpiece to a master-planned 55+ residential community of over 1,700 single family homes within affluent Mount Laurel Township. The center, which was 94percent occupied at the time of closing, has been anchored by a ShopRite Supermarket since 2007, which underwent a major remodel of their 64,165 square foot store in the 3rd quarter of 2016.
Thomas Gorman, a senior vice president with CBRE’s Debt & Structured Finance team, secured the financing on behalf of the buyer.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.