The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at more than $2.5 billion, announced today the acquisition and subsequent lease agreement of a 94,027-square-foot retail center in Wallington, N.J. which is anchored by ShopRite. The seller, Inserra Supermarkets, also signed a 25-year sublease agreement to operate the 66,065-square-foot ShopRite as well as to manage the leasing of the remaining 27,962-square-feet of the complex.
Located at 375 Paterson Avenue, a main artery roadway, the property offers high visibility and superior traffic flow and will serve the more than 93,000 residents who live within a two mile radius of the store. The Wallington ShopRite has ample parking with 394 spots as well as ShopRite amenities including ShopRite from Home, free nutrition programming, catering services and a pharmacy and liquor store.
“This acquisition is in line with the recent core deals that Hampshire has pursued,” said Robert Schmitt, Fund Manager at The Hampshire Companies. “ShopRite will occupy or manage the entire center, ensuring long-term cash flows from the property. The sale of the property and lease-back is also a trend we have seen increasing since the recovery of the commercial real estate sector, and our experience and reputation as a landlord is a driving force behind our abilities to execute these types of deals.”
For information on the remaining space for lease at 375 Paterson, please contact Al Giglio at Crossroads Commercial Real Estate at leasing@xroadsre.com.
To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow Hampshire on Facebook (www.facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
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R&J Public Relations
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nlaplaca@randjpr.com