Polimeni International LLC announced Wednesday the $32.1 million sale of The Plaza at Cape May Court House, a retail center in Cape May Court House.The 164,000-square-foot grocery-anchored retail center has been owned by Polimeni for more than a decade, according to the firm.
“This has been a solid performing property for quite some time, anchored by a supermarket and supported by a range of national and regional tenants in a prime location. We felt this was the time to take advantage of strong market conditions and sell the property so that we could redirect our resources into other opportunities that are in line with our current corporate thinking,” Polimeni International’s CEO Michael Polimeni said in a prepared statement.
HFF marketing the property on behalf of Polimeni International. An affiliate of RW Capital Partners Inc., PW Partners LLC, purchased the complex.
The plaza is located at 11 Court House South Dennis Road in Cape May, one of the most visited tourist destinations on the East Coast with more than 12.5 million visitors annually, according to HFF.
“We are continuing to look at proposals and deals that allow us to maximize our investment, create additional value for our partners and participate in the economic growth of the communities we serve. For example, last year we announced a $12 million investment in our South Plainfield, New Jersey retail center that will feature the construction of a new 76,000 square foot ShopRite supermarket, revitalizing a nearly 50 year old retail center,” Polimeni said in a prepared statement.
“It is no longer about the size of the deal. It is about the value of the deal and whether it is consistent with our expectations for rate of return while bringing our company’s standard of excellence to the project,” Polimeni said in a prepared statement.
The HFF team representing the seller was led by managing director Chris Munley and supported by senior managing director Jose Cruz and managind director Kevin O’Hearn.
“The Plaza at Cape May Court House is the dominant grocery-anchored retail center within the sub-market,” Munley said in a prepared statement. “The asset is anchored by a high-performing ACME and offers additional upside opportunities in conjunction with a currently strong occupancy rate.”
“Retail continues to remain high on investors list of preferred product types with grocery-anchored centers taking the top spot for institutions and private buyers alike,” Cruz said in a prepared staement.
“The Plaza at Cape May Court House acquisition offers RW Capital Partners Inc. the opportunity to redevelop and reposition a core asset in a desirable market,” Robert F. Whalen, Jr., RW Partners managing partner, said in a prepared statement.