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Haverford Properties Acquires Retail Property In Delran For $33M

Property Image
SOLD
$33,000,000
Patrick Higgins
James Graf
James "Jim" Galbally
+ 3

New Jersey

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Retail214,896 SF
Sold 09/17/2023
the dealplayerscompscontact
Property Image
SOLD

Haverford Properties Acquires Retail Property In Delran For $33M

1320 Fairview Boulevard

See Similar Deals
Retail214,896 SF
Sold 09/17/2023
Patrick Higgins
James Graf
James "Jim" Galbally
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$153
Total Square Footage:214,896 SF
Transaction Type:Sale

Haverford Properties has acquired the 214,896-square-foot Hartford Corners shopping center in Delran, New Jersey for $33 million. The property, located at 1320 Fairview Boulevard, is anchored by ShopRite and boasts a 95% occupancy rate. Additional tenants include Lowe's, Planet Fitness, Five Below, Virtua Health, Five Guys, and Mattress Firm.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $33,000,000
  • Market: Delran
  • Address: 1320 Fairview Boulevard
  • Square Footage: 214,896
  • Price per Square Foot: $154

The buyer, Haverford Properties, was represented by Charles Houder. Principal Asset Management acted as the seller, with Pat Halter representing their interests. The deal was brokered by Jim Galbally, Chris Munley, Colin Behr, James Graf, and Patrick Higgins of JLL. The mortgage broker involved in the transaction was Jim Cadranell from JLL.

Players

Jim Cadranell
JLL
Jim Cadranell
33 deals$2.4B volume
BROKER
Christopher "Chris" Munley
JLL
Christopher Munley
18 deals$1.5B volume
BROKER
James "Jim" Galbally
JLL
James Galbally
26 deals$2B volume
BROKER
Colin Behr
CBRE
Colin Behr
23 deals$1.5B volume(215) 896-4253
BROKER
James Graf
JLL
James Graf
5 deals$209.1M volume
BROKER
Patrick Higgins
JLL
Patrick Higgins
7 deals$539.4M volume(312) 782-5800
BROKER
Principal Asset Management
Principal Asset Management
LENDER

Details

SOLD
IMAGE: Charles Houder, Pat Halter, Jim Galbally, Chris Munley, Colin Behr, James Graf, Patrick Higgins & Jim Cadranell DATE: 09/17/2023 ADDRESS: 1320 Fairview Boulevard MARKET: Delran ASSET TYPE: Retail BUYER: Haverford Properties - Charles Houder SELLER: Principal Asset Management - Pat Halter BROKERS: Jim Galbally, Chris Munley, Colin Behr, James Graf & Patrick Higgins - JLL (@jll) MORTGAGE BROKER: Jim Cadranell - JLL SALE PRICE: $33,000,000 SF: 214,896 ~ PPSF: $154 NOTE: Haverford Properties, has purchased the 214,896-square-foot Hartford Corners shopping center in Delran, New Jersey, for $33 million. ShopRite anchors the center, which is 95% occupied and includes tenants like Lowe's, Planet Fitness, Five Below, Virtua Health, Five Guys, and Mattress Firm.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$117,242.04
Cash-on-Cash Return-1.27%
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