Ziel Feldman’s HFZ Capital Group has acquired Waldwick Splash Park, a 146,661 s/f sports complex in Waldwick, New Jersey. The purchase price was $21,950,000.
Ths sporting and recreational facility is 100% leased. It includes a 79,200 s/f Superdome operated by Unlimited Sports LLC, a state-of-the-art three lane track, and four 30×60 yard fields, which cater to local school sports teams, clinics and leagues.
The main reception building features a locker room, party room, video game room, and administrative offices. The park has a basketball facility operated by Hoop Heaven; a golf simulator operated Greenhouse Golf; Excel Orthopedic Rehabilitation, a physical therapy services provider; The Learning Experience, which provides daycare/preschool activities; The Petrov Ballet School; as well as several fitness facilities, outdoor fields and parking.
The sports complex sits at the heart of one of New Jersey’s wealthiest communities. According to Feldman, “We were attracted to this asset because of its prime location and superb facilities. It is used year round by individuals, schools, sports teams, camps and for ballet classes, parties, day care, and various after-school activities. Management is highly experienced and will be invaluable in continuing operations and identifying future opportunities.”
HFZ already owns Sports Park, a 42,000 s/f sporting and recreational facility located in Upper Saddle River, New Jersey.
According to Feldman, budget cuts and cumbersome zoning and approval processes have made municipalities less focused on updating or expanding recreational facilities leading to a drop in supply and programming.
However, be noted in a press release that “sports facilities are more important than ever to parents who see sports as a way to provide their children with a competitive advantage for college admission and scholarships”.
“While demand for sports facilities is growing, barriers to entry are high. Given our existing asset in the sports facility arena, we found Waldwick Splash Park an attractive opportunity to expand our portfolio, and we will continue to explore additional opportunities in this area in the future,” added Feldman.
Financing was provided by Union Center National Bank and arranged by Larson Capital. NAI Hanson was the broker who represented the seller in the transaction, Waldwick Splash Park, LLC, a group of investors led by Jeff Kurtz.
Vice President Hal Messer and associate vice president Dominic Fittizzi led the NAI Hanson team that completed the transaction.
“The buyer made an excellent investment with the purchase of this property, essentially acquiring a stream of income,” Fittizzi said. “This complex has a 100 percent occupancy rate and all tenants have long-term leases, meaning there is minimal operational risk