CB Richard Ellis’ New York Tri-State Investment Team recently represented ownership in the sale of a condominium interest in Franklin Square, a retail center in Bloomfield, N.J.
The value of the transaction was not disclosed.
Franklin Square is a 121,998-square-foot grocery-anchored property, which was developed in phases from 1999 through 2002 and operates as a condominium association with six individual condominium units. The transaction included the sale of four units totaling 51,911 square feet of space.
At the time of sale, tenants occupying the property included: A.J. Wright (25,000 square feet); The Children’s Place (4,500 square feet); Blockbuster (4,000 square feet); Washington Mutual (3,000 square feet); and Sprint PCS (2,000 square feet). A Stop & Shop and McDonald’s were not included in the sale, which are both individual condominium units.
Bloomfield Franklin LLC, an entity controlled by the Hampshire Cos., purchased the units.
Los Angeles-based CB Richard Ellis Group Inc. provides commercial real estate services through more than 350 offices worldwide.