March 10, 2016
Clarion Partners, based in Dallas, acquired the 350,000-square-foot Essex Green Shopping Center, located at 295 Prospect Ave. in West Orange, NJ.
The property sold for more than $100 million, and was 96% leased at the time of closing. A mix of national, regional and local tenants occupy the property, including ShopRite, Macy’s Backstage, and a nine-screen AMC Theatre.
“Grocery-anchored retail remains very high on institutional investors’ lists of asset classes that they need for their funds,” Cruz said, in a statement. “I will also say that we had a significant amount of private buyers show up for this offering.”
Jose Cruz, Kevin O’Hearn and Stephen Simonelli with HFF led the team representing the seller, which was identified as a “global investment manager.”