Cushman & Wakefield’s Capital Markets team has arranged the sale of Dels Village Shopping Center, a 51,794-square-foot grocery-anchored retail property in Boonton.
Located at 115 Hawkins Place, the Kings Food Market-anchored center was sold by ROI Management to an undisclosed private buyer. The commercial real estate services firm represented the seller and procured the buyer in the $12.5 million trade orchestrated by East Rutherford-based investment sales specialists Seth Pollack, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Max Helfman.
“The high level of investor demand stemmed from the center’s lengthy history of being well occupied; it’s a proven, durable investment opportunity,” said Pollack. “Dels Village is currently 97 percent leased with a weighted average remaining lease term of nearly eight years. Kings, which has anchored the center since 1999, signaled their success at this location by choosing to renovate and expand their footprint in 2015.”
Situated on a 4.4-acre parcel in northern New Jersey’s Morris County, the center is one mile from I-287 and Route 202. Morris County consistently ranks in the top 10 wealthiest counties in the nation. “The property’s loyal, highly affluent demographic base is a compelling attribute and will keep the center poised for future stability,” added Whitmer.
Morris County’s economy is extremely diversified and includes large employers in the pharmaceutical, healthcare services and financial services industries. Over 30 of the nation’s Fortune 500 companies are either headquartered or have major facilities in the county.