After attempting to lease this property to a tenant client, we were engaged by this New Jersey shopping center ownership group to sell the struggling shopping center known as Northpoint Mall. In addition to the Kmart with only two years left on their lease, the strip center was plagued by a longstanding 10,000 sq. ft. vacancy. We collaborated with our client to secure a contract from a local buyer, and when that contract was terminated, we secured a contract from another investor who ultimately closed on the property. We then introduced the ultimate investor to a relationship we have with a DC-based equity source to partner in the deal. Once the purchase was completed, we assisted with leasing the vacant area to a national retailer.
The sale of Northpoint Mall was a success for both the buyer and the seller. Our close collaboration with our client and the investor ensured each party achieved their CRE investment goals.