Dels Village Shopping Center In Boonton Sold For $12.5M By Cushman & Wakefield

The Dels Village Shopping Center, a 51,794-square-foot grocery-anchored retail property located at 115 Hawkins Place in Boonton, NJ, 07005, was sold for $12,500,000.00 in a transaction that took place on 06/01/2020. The property is situated on a 4.4-acre parcel in Boonton's market, one mile from I-287 and Route 202. It is currently 97 percent leased with a weighted average remaining lease term of nearly eight years. The center is anchored by Kings Food Market and was sold from ROI Management to an undisclosed private buyer.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $12,500,000.00
• Market: Boonton
• Seller's Representative: Seth Pollack (Cushman & Wakefield)
• Brokers: Max Helfman, Kyle Schmidt, Gary Gabriel, David Bernhaut, Brian Whitmer, Andrew (Andy) Merin - all from Cushman & Wakefield
• Square Footage: 51,794

The sale of Dels Village Shopping Center was orchestrated by East Rutherford-based investment sales specialists including Seth Pollack, Andrew Merin, David Bernhaut, Gary Gabriel, Max Helfman, Kyle Schmidt, and Brian Whitmer from Cushman & Wakefield. The property's high investor demand was due to its history of being well occupied and its stable investment opportunity. The county where the center is located, Morris County, boasts a loyal, highly affluent demographic base and hosts a diversified economy with major employers in pharmaceutical, healthcare services, and financial services industries.