April 5, 2017
A shopping center anchored by a Stop & Shop grocery store sold for $51 million in the Morris County community of Pompton Plains, NJ. Phillips Edison Grocery Center REIT II bought Plaza 23.
“Well-leased, grocery-anchored North Jersey retail centers like Plaza 23 continue to attract institutional bidders,” said Jose Cruz, senior managing director for HFF, which marketed the property on behalf of the seller.
The 161,000-square-foot shopping center is located on Route 23 near the Interstate 287 interchange — 54,000 cars pass within sight of Plaza 23 every day. National and regional tenants include T.J. Maxx, HomeGoods, GNC, Moe’s Southwest Grill, Sally Beauty Supply and a Smashburger restaurant that is opening soon.
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