DENVILLE, NJ (May 4, 2016) - CBRE Group Inc. announced the sale of The Shoppes at Union Hill in Denville.
The commercial real estate services firm said in a prepared statement that Brad Nathanson, executive vice president of CBRE’s Philadelphia office, and Jeff Dunne, vice chairman out of CBRE’s Saddle Brook office, represented the seller, Stanbery Development.
“This was truly a Class A lifestyle center that led the industry when it was constructed in 2003,” Nathanson said in a prepared statement. “Today over 74 percent of the original tenancy still occupies the property given its above average performance. We saw among the top institutions bidding on the asset given its strong positioning, limited competition, above average sales across all tenants and high occupancy since inception. ”
The Shoppes at Union Hill is a 92,431-square-foot lifestyle center located at 3056 State Route 10 West. It has major tenants, including Gap, Pier 1 Imports, Banana Republic, Ann Taylor LOFT, Starbucks and more.
Financial terms of the deal were not disclosed.
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.