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HRE acquires shopping center - HRE Properties acquires shopping center in Wayne, New Jersey
Real Estate Weekly, Nov 11, 1992
HRE Properties (HRE:NYSE), a real estate investment trust, announced that it has acquired a shopping center located in Wayne, New Jersey at a cost of $12.3 million from Phillips International, Inc. The property, known as the Valley Ridge Shopping Center was renovated and expanded in 1990.
Valley Ridge represents HRE's first shopping center acquisition in the northern New Jersey market and comprises 98,000 square feet of retail and office space on nine acres of land. The shopping center is anchored by an A&P supermarket and a Midlantic Bank branch. It includes a mix of other retail and office tenants to meet the marketing needs of the surrounding residential community and offers potential for expansion.
John Kent, director of Acquisitions and Raymond Argila, chief legal officer, were instrumental in the completion of the deal. The purchase price was paid in cash over a non-recourse first mortgage of $9.1 million.
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