HRE acquires shopping center.HRE HRE abbr. Holy Roman Empire Properties (HRE:NYSE NYSE See: New York Stock Exchange ), a real estate investment trust, announced that it has acquired a shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into located in Wayne, New Jersey Wayne is a township in Passaic County, New Jersey, United States, located less than 20 miles from midtown Manhattan. As of the United States 2000 Census, the township had a total population of 54,069. 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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