Philadelphia, PA – October 1, 2015 – CBRE, Inc. has brokered the sale of the Clover Square shopping center on 3100 Mercer-Quakerbridge Road at Sloan Avenue in Mercerville (Hamilton), NJ. Brad Nathanson and Tom Gorman of CBRE represented the buyer, Highglen Lawndale Associates LP, a partnership headed by Abrams Realty & Development. The 178,850 square foot property was sold by Valley Forge Investment Corp. The property was sold for $23,400,000 and was 96% occupied at the time of sale.
”With 88% of the center having been in place for at least 10 years, , Clover Square offers a unique balance of rent roll stability and upside potential through additional pad sites and further leasing in a market that draws just outside of Trenton” said Mr. Nathanson, Executive Vice President with CBRE’s Capital Markets division.
This neighborhood shopping center is located in a densely developed section of Hamilton Township, adjacent to 1-95/295 Interchange #65. Originally built in 1979, the property has extraordinary leasing history. Anchor tenants include the highly-successful 85,000 square foot health and wellness center associated with Robert Wood Johnson Hospital, and the independently owned supermarket, Risoldi’s, operating out of 33,300 square feet. Additional tenants include Five Guys Burgers and Fries, CitiFinancial, Taco Bell, Sir Speedy, Miracle Ear, Great Clips, Jenny Craig, Smoothie King, and Dunkin' Donuts. A pad site provides potential for future development.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com