The Hampshire Companies acquires 84,134 s/f shopping center
PISCATAWAY, NJ — The Hampshire Companies, a full service, private real estate investment firm with equity in assets valued at more than $2.5 billion, has announced the acquisition of a 84,134 s/f retail shopping center anchored by a 64,255 s/f Stop & Shop supermarket located at 571 Stelton Rd. in Piscataway.
Situated on 11.8 acres and less than a half mile from I-287, Stop & Shop Plaza is ideally located at the at the intersection of Stelton Rd. and New Brunswick Ave. The shopping center is 97% leased with Advanced Auto Parts, Investors Savings Bank, Elegant Album, and Enzo’s Pizza rounding out the tenant roster.
"Located in a high traffic area the shopping center is easily accessible by more than 323,000 residents with strong earning demographics within a five mile radius," said Rob Schmitt, principal for The Hampshire Companies. "Strong grocery-anchored shopping centers like this one fit well into our retail portfolio and will provide stable, long-term cash flow for our investors."
In March 2015, there will be 2,500 s/f of retail space made available as Investor Savings Bank moves into its new location, which is currently under construction as a new outparcel building on the site. The space would be ideal for a fast food restaurant that desires a prime, visible location with a drive-through.
The Hampshire Companies and the seller were represented by Jeffrey Dunne, David Gavin and Kevin Welsh of CBRE.