HFF Closes $53.8M Sale of Chester Springs Shopping Center in New Jersey

CHESTER BOROUGH, N.J. — Holliday Fenoglio Fowler LP (HFF) has closed the sale of Chester Springs Shopping Center, a 223,000-square-foot, Class A, grocery-anchored retail center in Chester Borough. ShopRite, Marshalls and Staples anchor the property, which is 95 percent leased. Additional tenants include Starbucks, CVS Pharmacy, Burger King, Great Clips, Bagel Café, Subway and Massage Envy. HFF marketed the property on behalf of the seller, Heitman and Ramco-Gershenson Properties Trust. Dividend Capital Diversified Property Fund Inc. purchased the asset for $53.8 million (approximately $241 per square foot). The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Steve Simonelli and supported by Andrew Scandalios and Chris Munley.