New York Investors Snap Up Tonnelle Plaza
New York-based Northeast Capital Group and BHN Associates have purchased Tonnelle Plaza, a 350k SF retail center and warehouse at 8101 Tonnelle Ave in North Bergen.
HFF senior managing director Jose Cruz (above), who will be speaking at Bisnow's 5th Annual New Jersey State of the Market event on Feb. 17, brokered the deal on behalf of the seller, along with colleagues Kevin O’Hearn, Michael Oliver, Steve Simonelli and Andrew Scandalios.
The shopping center, which was built in 1990 and renovated in 2008, is anchored by Aldi and Burlington Coat Factory. It's 95.7% leased to tenants like Chuck E. Cheese, Chase Bank, Sally Beauty Supply, Subway, Planet Fitness and McDonald's. (We suspect co-locating gyms and fast food is how you create a cycle where nobody ever leaves your shopping center.) The retail takes up 156k SF of the development, while the remainder of the two-level center is dedicated to a warehouse leased to three tenants.
