March 6, 2015
A joint venture between Black Oak Associates and Broad Oak Partners acquired a 98,000 square foot mixed use property for $6.2 million on March 5, 2015. The property was purchased from 1600 Olden LLC.
The property is
anchored by Family Dollar and the State of New Jersey Department of Motor
Vehicles, and is located in Ewing, New Jersey, north of Trenton. The property
is a combination of retail, office and flex space and is well located within
its trade area to serve the over 150,000 residents that live within three miles
of the property. The property includes approximately 30,000 square feet of
vacant space, which creates the opportunity to make investments and improve the
property in the years ahead.
According to Dara
Hewat, the lead Black Oak partner on the acquisition, “This acquisition is
Black Oak’s second in the state of New Jersey. We were attracted to this
opportunity due to its 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. This acquisition is a great example of our
ability to find 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.
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