March 6, 2015
A joint venture between Black Oak Associates and Broad Oak Partners acquired a 98,000 square foot mixed use property for $6.2 million on March 6, 2015. The property was purchased from 1600 Olden LLC.
The property is anchored by Family Dollar and the State of New Jersey Department of Motor Vehicles, and is located in Ewing, New Jersey, north of Trenton. The property is a combination of retail, office and flex space and is well located within its trade area to serve the over 150,000 residents that live within three miles of the property. The property includes approximately 30,000 square feet of vacant space, which creates the opportunity to make investments and improve the property in the years ahead.
According to Dara Hewat, the lead Black Oak partner on the acquisition, “This acquisition is Black Oak’s second in the state of New Jersey. We were attracted to this opportunity due to its ability to serve many different businesses including retailers, office and flex space tenants, the population density and significant redevelopment potential. The principals of Broad Oak have worked in the trade area for many years and together we are focused on attracting new businesses to the Ewing community. This acquisition is a great example of our ability to find attractive investments in a challenging real estate environment.” This acquisition is the third in Black Oak’s latest investment funding vehicle, Black Oak IV, LP, and marks the eighth property acquired by Black Oak in four 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 fourteen properties comprising approximately two million square feet. For additional information, please visit www.blackoakusa.com.