Sale of ShopRite-anchored retail center in New Jersey closes
JLL Capital Markets arranged the sale and the financing for the 214,896-square-foot Hartford Corners in Delran, New Jersey
PHILADELPHIA, Sept. 7, 2023 – JLL Capital Markets announced today that it has closed the sale and the financing for Hartford Corners, a 214,896-square-foot, ShopRite-anchored retail center located in Delran, New Jersey.
JLL represented Principal Asset Management as the seller in the transaction and procured the buyer, Haverford Properties Inc. JLL also represented the new owner to secure the loan.
The property’s ShopRite features a tenure of 19.5 years with 5.5 years in term remaining. In addition to ShopRite, the property’s tenant lineup offers a variety of uses, including medical, food and beverage, fitness, services and discount retailers. Notable tenants include Planet Fitness, Five Below, Virtua Health, Five Guys and Mattress Firm. Hartford Corners is 95% occupied and features a WALT of 4.1 years and a weighted average tenure of 13.8 years. In addition, the center is shadow anchored by Lowes.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Jim Galbally and Christopher Munley, Managing Director Colin Behr, Director James Graf and Associate Patrick Higgins. Senior Managing Director Jim Cadranell led the JLL Retail Capital Markets Debt advisory team.
“It was great working with the Principal and Haverford teams throughout the process. We were fortunate to have Haverford Properties as the buyer for Hartford Corners. They performed exceptionally well throughout the process,” said Galbally.
“Grocery-anchored shopping centers continue to drive the most demand in the retail asset class. Hartford Corners highlighted this trend with a competitive process to acquire a best-in-class anchor in ShopRite. Additionally, the center has performed remarkably well over the last 10 years with consistent occupancy at over 90%, showcasing the resiliency of the asset class,” Behr stated.
“Grocery-anchored demand remains robust and growing within the Mid-Atlantic marketplace. The diversity of new capital looking to enter the asset class and geography, coming from multi-faceted disciplines and sources, is moving the market,” said Munley.
“This was a great team effort by JLL to deliver for the seller and borrower as valued repeat clients,” said Cadranell.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients. This includes investment and sales advisory, debt advisory, equity advisory or recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Principal Asset ManagementSM
With public and private market capabilities across all asset classes, Principal Asset ManagementSM and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for its clients. Its dedicated real estate investment team manages or sub-advises $97.5 billion in commercial real estate assets.1 The firm's real estate capabilities include both public and private equity and debt investment alternatives.
Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $525.2 billion in assets1 and recognized as a Top 10 “Best Places to Work in Money Management3” for 11 consecutive years. Learn more at www.PrincipalAM.com.
[1] As of June 30, 2023
[2] Pensions & Investments, “The Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 2022.
About Haverford Properties Inc.
Haverford Properties Inc. is a diversified real estate investment and development firm based outside Philadelphia, Pennsylvania. The company is involved in all aspects of real estate development and investment, with a focus on essential-retail anchored shopping centers, ground-up multi-family development, and mixed-use land development and master planning. For more information, please view haverfordproperties.com.