A 92,431 SF Lifestyle Center Located in Denville, NJ
Denville, NJ–May 4, 2016— CBRE Group, Inc. (CBRE) is pleased to announce the sale of The Shoppes at Union Hill, a 92,431 square-foot lifestyle center located at 3056 State Route 10 West in Denville, New Jersey. Brad Nathanson, Executive Vice President out of CBRE’s Philadelphia office and Jeff Dunne, Vice Chairman out of CBRE’s Saddle Brook office, represented the seller, Stanbery Development, in the transaction.
“This was truly a Class A lifestyle center that led the industry when it was constructed in 2003,” said Nathanson. “Today over 74% 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. ”
Built in 2003, The Shoppes at Union Hill has major tenants including Gap, Pier 1 Imports, Banana Republic, Ann Taylor LOFT, Talbots, Jos A Bank, Starbucks and Panera Bread. The property was 93% occupied at the time of the sale. Denville has some of the highest average household incomes in New Jersey topping $161,000 with tremendous daytime employment along Route 10 exceeding 158,000.
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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.