Holliday Fenoglio Fowler L.P., a Florham Park-based real estate broker, announced Wednesday the $18.7 million acquisition for West Belt Plaza, a retail center in North Jersey.
The 82,202-square-foot plaza located at 57 State Route 23 in Wayne is currently leased to a variety of local and national tenants, including PetSmart, HomeGoods, Fidelity Brokerage and Starbucks.
The center is adjacent to the Willowbrook Mall, which according to HFF is the fourth largest mall in New Jersey.
The HFF team of Jon Mikula and Jim Cadranell, both managing directors, worked on behalf of the borrower, The Klein Group, to secure a 10-year, fixed-rate loan through an undisclosed life insurance company.
Financial terms were not disclosed.