NJ Retail Center Trades for $51M

By Adina Marcut

500 Route 23 N., Pompton Plains, N.J.

Pompton Plains, N.J.—HFF closed the $51 million sale of Plaza 23, a 161,000-square-foot of shopping center located in Pompton Plains, N.J. Phillips Edison Grocery Center REIT II Inc. purchased the asset.

Located at 500 Route 23 N., near the interchange of Interstate 287 and along a major retail corridor within northern Morris County, the site sits on 18.8 acres. The center has exposure to more than 54,000 vehicles passing by daily. Residents living int he area have  an average annual household income of more than $119,000.

Anchored by Stop & Shop, Plaza 23 is also the only grocery-anchored shopping center in Pompton Plains. The center includes a mix of tenants, such as T.J. Maxx, HomeGoods, GNC, Moe’s Southwest Grill and Sally Beauty Supply. Smashburger will also be opening a store in the center soon.

The HFF team that represented the seller was led by Senior Managing Directors Jose Cruz and Thomas Didio, Managing Director Kevin O’Hearn, Directors Stephen Simonelli and Michael Oliver and Associate Director Robert Borny.

Image via Google Maps