West Orange Shopping Center Sold: Essex Green Ownership Changes Hands

West Orange, NJ – Holliday Fenoglio Fowler (HFF) announced Monday that it has closed the sale of Essex Green, a 350,000-square-foot community shopping center located in West Orange.

According to a company news release, HFF marketed the property on behalf of the seller, a global investment manager, to the buyer, Clarion Partners.

HFF spokespeople called the deal “one of the largest retail sales in New Jersey in the last two years.”

According to a release, Essex Green Shopping Center is the largest community shopping center in Essex County. Ninety-six percent leased at the time of closing, the center has a mix of national, regional and local tenants, including ShopRite, Macy’s Backstage, a nine-screen AMC Theatre with dine-in service, Total Wine & More, Sears Appliance/Outlet, Petco, TGI Fridays, Panera Bread, GameStop and GNC.

Situated on 33.38 acres at 295 Prospect Avenue, the six-building Essex Green Shopping Center is positioned at the corner of Prospect and Rooney Circle directly off a four-way interchange with Interstate 280 (Essex Freeway).

“Essex Green was very highly sought after, given the record grocery sales at the property combined with the upside of the available space,” senior managing director Jose Cruz said. “Grocery-anchored retail remains very high on institutional investors’ lists of asset classes that they need for their funds. I will also say that we had a significant amount of private buyers show up for this offering.”

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Photo courtesy of HFF