JEFFERSON, N.J. — HFF announced has closed the sale of and arranged financing for Ridge Plaza, a 114,964-square-foot grocery-anchored retail center in Jefferson. Ridge Plaza is situated on a 15.5-acre site at 5730 Berkshire Valley Road and is the only grocer within a five-mile radius. Completed in 2001, the property is 90 percent leased. Tenants include A&P, Chase Bank, The UPS Store, Subway and Dunkin' Donuts. CVS/pharmacy and McDonald’s occupy the two pad sites at the property. HFF marketed the property on behalf of the seller, Kite Realty Group Trust. ACRE Group, a full-service commercial real estate company out of Connecticut, represented the buyer in the transaction. HFF’s debt placement team arranged a 10-year, fixed-rate acquisition loan through Columbia Bank on behalf of the buyer. The HFF investment team representing the seller included Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Marc Duval. Michael Klein of HFF arranged the financing for the buyer. ACRE Group’s acquisitions team, led by Daniel Charest and Jacqueline Barrett, identified this investment opportunity for the buyer.
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