Hampshire US REIT (UHREIT) and joint venture partner MCB Real Estate has acquired Lawnside Commons, a 151,076 s/f shopping center at 310 White Horse Pike in Lawnside, NJ, for $31.55 million.
Lawnside Commons is currently 100 percent leased to a lineup of national tenants including Home Depot, PetSmart, Wendy’s, T-Mobile and Sleepy’s Mattress Firm. The grocery and necessity-based retail property is situated along White Horse Pike in Camden county, New Jersey.
“The United Hampshire US REIT seeks to provide the unique opportunity to gain exposure to a distinctive portfolio of high quality, resilient and stable income-producing grocery-anchored and necessity-based properties strategically located throughout the U.S.,” said Robert Schmitt, Chief Executive Officer of the UHREIT.
“Standing at 100 percent occupancy with a diverse slate of institutional-quality retail tenants providing stable, long-term cashflow, we believe Lawnside Commons is well-positioned for continued long-term strength.”
“You have to seize on assets with strong tenant quality and growth when you identify them,” noted P. David Bramble, Managing Partner of MCB Real Estate. “MCB is extremely excited about the stability and long-term prospects for Lawnside Commons.”
Cushman & Wakefield investment sales specialists Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Max Helfman, along with Karen Iman and Keith Braccia of the firm’s Philadelphia office brokered the sale.
United Hampshire US REIT is a real estate investment trust listed on the Singapore Exchange. Sponsored by The Hampshire Companies and United Overseas Bank Global Capital, UHREIT provides Singapore investors with the opportunity to invest in income properties throughout the United States.
Headquartered in Baltimore, MCB is a privately-held, institutionally-capitalized commercial real estate development and investment firm.