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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.
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