citybizlist BALTIMORE
3/9/15
A joint venture
between Black Oak Associates and Broad Oak Partners has
acquired a 98,000 square foot mixed-use property in Ewing
Township, New Jersey for $6.2 million. The property, located
on 1600 N. Olden Avenue, was purchased from 1600 Olden LLC. David W.
Bernhaut of Cushman & Wakefield represented the seller in this transaction.
1600 N. Olden
Avenue 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 square feet 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,”
stated 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 square feet.
For additional information, please visit www.blackoakusa.com.
No comments:
Post a Comment