A joint venture between Agus Holdings and Trecco has purchased Golden Acres Shopping Center, a 219,848-square-foot retail center in South Plainfield, N.J. The companies paid $40 million for the asset in a deal brokered by JLL.
Polimeni International previously owned the asset, according to Yardi Research Data. Golden Acres Shopping Center was part of the company’s portfolio since 1998, when it paid $14.8 million for it.
Completed in 1967, Golden Acres comprises three buildings across an 18-acre site. The property is anchored by an 80,000-square-foot ShopRite that underwent renovations in 2016. The tenant roster also includes Shoppers World, Unique Thrift Store and a Wendy’s outparcel. At the time of sale, the shopping center was 83 percent leased.
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The property is located at 686 Oak Tree Ave. Golden Acres shares the intersection with Oak Park Commons, another shopping center that includes ALDI, LA Fitness and McDonald’s among its tenants. Manhattan is some 30 miles northeast.
JLL Capital Markets Executive Vice President Joseph Lopresti, Senior Managing Directors Jose Cruz and Kevin O’Hearn, together with Senior Director J.B. Bruno and Michael Kavaler, led the Investment Sales and Advisory team that worked on behalf of the seller.
New Jersey’s retail sales activity continues to grow
In the first six months of the year, New Jersey’s retail market recorded $293.4 million in sales, with 16 properties trading at an average price of $171 per square foot, according to Yardi Research Data. The total investment volume was higher than the one registered during the same period of last year, when 14 assets changed hands for $266.9 million. However, the average price per square foot at the time was $183.
One of the assets that changed hands earlier this year is Hazlet Town Center, a grocery-anchored, 190,000-square-foot retail center in Hazlet, N.J. Onyx Equities sold the asset in a 1031 exchange.