HFF announced Wednesday that it has closed the sale of and arranged financing for Ridge Plaza, a 114,964-square-foot retail center in Jefferson.
ACRE Group LLC, a commercial real estate company headquartered in Connecticut with a satellite company in Edgewater, purchased the property located at 5730 Berkshire Valley Road from the seller Kite Realty Group, according to the announcement. HFF marketed the property for Kite Realty and arranged a 10-year, fixed-rate acquisition loan through Columbia Bank for ACRE Group. Financial terms of the transaction were not diclosed.
According to the announcement, Jose Cruz and Andrew Scandalios, senior managing directors, Kevin O'Hearn and Jeffrey Julien, managing directors, and Marc Duval, senior real estate analyst, represented the seller. Michael Klien, director, arranged financing for the buyer.
ACRE represented the buyer and Daniel Charest and Jacqueline Barrett of ACRE's acquisitions team led the search for the investment property, the announcement said. Charest manages daily operations of the company and is involved in all aspects for acquisitions. Barrett joined ACRE in 2013 with more than $500 million real estate transactions under her belt.
"Both seller and buyer performed exceptionally well on this transaction, with this trade reflecting the continued high demand for grocery-anchored shopping centers," said O'Hearn.
Ridge Plaza is 90 percent leased and houses tenants like A&P, Chase Bank, UPS Store, Subway and Dunkin Donuts, the announcement said.