Black Oak Associates and Broad Oak Partners acquire mixed-use property in CNJ for $6.2 million
EWING TOWNSHIP, NJ — A joint venture between Black Oak Associates and Broad Oak Partners has acquired a 98,000 s/f mixed-use property in Ewing Township for $6.2 million. The property, located on 1600 N. Olden Ave., was purchased from 1600 Olden LLC. David Bernhaut of Cushman & Wakefield represented the seller in this transaction.
1600 N. Olden Ave. is anchored by Family Dollar and the State of New Jersey Department of Motor Vehicles. The property consists of a combination of retail, office and flex space and services the local trade area of more than 150,000 residents that live within three miles of the property, with an average household income approaching $65,000. The asset includes approximately 30,000 s/f of vacant space, which creates the opportunity for the joint venture to increase long-term value with successful leasing activity.
“This acquisition represents Black Oak’s second in the state of New Jersey,” said Dara Hewat, the lead Black Oak partner in this acquisition. “We were attracted to this opportunity due to the project’s 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. Completing this transaction is a great example of our team’s ability to identify 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 s/f.