Principal Asset Management sells retail center in New Jersey
Principal Asset Management has sold Hartford Corners, a 214,896-square-foot, ShopRite-anchored retail center in Delran, N.J.
The new owner is Haverford Properties.
The sales price was not disclosed.
The property’s ShopRite features a tenure of 19.5 years with 5.5 years of term remaining. In addition to ShopRite, the property’s tenant includes medical, food and beverage, fitness, services and discount retailers. Notable tenants include Planet Fitness, Five Below, Virtua Health, Five Guys and Mattress Firm. Hartford Corners is 95 percent occupied and features a WALT of 4.1 years and a weighted average tenure of 13.8 years. In addition, the center is shadow anchored by Lowes.
“Grocery-anchored shopping centers continue to drive the most demand in the retail asset class,” said Colin Behr, managing director on JLL Retail Capital Markets Investment Sales and Advisory team, which represented the seller. “Hartford Corners highlighted this trend with a