News:
Brokerage
Posted: January 23, 2018
Outside the Region: ShopOne Centers REIT acquires Oak Park Commons – 139,717 s/f
South Plainfield, NJ ShopOne Centers REIT Inc. has acquired Oak Park Commons, a 139,717 s/f grocery-anchored shopping center.
The acquisition of Oak Park Commons, which is 98% occupied, marks ShopOne’s entry into the New York City MSA. Situated at the corner of Oak Tree Rd. and Park Ave., the ACME Markets-anchored property features a diverse mix of national and local retailers including CVS, Advance Auto Parts, Goodyear Tire, Dollar Tree, McDonald’s and Wells Fargo Bank.
“The purchase of Oak Park Commons aligns with our strategy of acquiring well-located shopping centers in densely populated, fundamentally strong markets across the country,” said Michael Carroll, CEO of ShopOne. “This property is particularly attractive considering its prime position in a major transportation corridor and the opportunity to unlock incremental value through operational and capital improvements.”
Oak Park Commons features three multi-tenant buildings and four single tenant buildings and benefits from its proximity to the Garden State Parkway, I-287 and other thoroughfares.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 250 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
Columns and Thought Leadership
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman
Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
.gif)