Tuesday, February 18, 2014
BALTIMORE A joint venture between Black Oak Associates and MCB Real Estate, commercial real estate developers headquartered in Maryland, acquired a 54,000 square foot grocery anchored shopping center for $10.5 million on January 30, 2014. The property was purchased from Mount Kellett Capital Management, LP, owner of A&P, and was structured as a sale lease back transaction.
The shopping center is anchored by Pathmark, one of A&P’s grocery store banners, and is located in Belleville, New Jersey, about 10 miles west of New York City. The center benefits from exceptional population density, with over 50,000 people within one mile and over 180,000 people within two miles of the property. The site totals 10 acres, which creates the opportunity to develop over 20,000 square feet of new retail space in the future.
According to Dara Hewat, the lead Black Oak partner on the acquisition, “We are excited to enter the growing and diverse market of northern New Jersey. We were attracted to this property due to its population density, significant development opportunity and proximity to New York City. The principals of MCB have worked in the trade area for decades and together we are focused on attracting new businesses to better serve the Belleville community. We look forward to developing the land around this strong supermarket anchor while improving the opportunities for existing merchants in the shopping center.” Greg Sobol, a partner at Tri-State Commercial, Inc., will be the broker managing new tenant leasing. This acquisition is the second in Black Oak’s latest investment funding vehicle, Black Oak IV, LP, and marks the seventh grocery anchored shopping center acquired by Black Oak in three years.
Black Oak Associates is a private development company that specializes in retail and mixed-use projects with a focus on long term performance and efficiency driven sustainability. The firm owns shopping centers located in the Mid-Atlantic and Southeast regions of the United States. The company’s portfolio currently includes fifteen properties comprising approximately two million square feet. For additional information, please visit www.blackoakusa.com.
MCB Real Estate is a privately held, institutionally capitalized commercial real estate investment firm. Through deep experience in all phases of the real estate cycle, MCB successfully employs multiple strategies to achieve strong risk-adjusted returns in retail, industrial, and office assets. More information on MCB is available atwww.mcbrealestate.com.