First Joint Venture between Tightline Equities, A Subsidiary of Larken Associates and Red Starr Investments, LLC
Tightline Equities, a Subsidiary of Larken Associates, in joint venture with Red Starr Investments, LLC, has purchased Fairless Hills Shopping Center from the Shooster Family, becoming only the second owner of the thriving mall since it was completely redeveloped 30 years ago.
The 290,678 square foot grocery-anchored retail shopping center brings Larken Associates’ commercial portfolio to 2.5 million square feet.
“This joint venture with Red Starr Investments is part of our strategy to secure larger acquisitions with seasoned professional partners,” said David Gardner, President and CEO of Larken Associates. “Falls and Bristol Township are an ideal market for us, and the mall’s anchor grocery store coupled with well-known national retailers indicates strong demand for the property.”
“This asset has strong fundamentals and great opportunity for growth,” said Bradley Seiden, Chief Investment Officer for Tightline Equities. “A lot of exciting things are happening at this location including a long-term extension from Giant Foods, tenant expansions and renewals of the existing tenant base. Renovations will be conducted shortly that will beautify and create physical continuity for retailers, office tenants and visitors.”
“We are excited about partnering with Larken Associates on this strategic acquisition,” said Jared Starr, Managing Principal of Red Starr Investments. “Our partnership, led by Larken’s hands-on approach to leasing and property management, is well positioned to maximize the value of the center. We are confident that our partnership will allow Fairless Hills Shopping Center to continue to serve its community for a long time.”
Starting this summer, Larken will embark on a multimillion renovation that will include roof replacements and repairs, HVAC replacements and repairs, restriping of parking lots, new landscaping and signage. There will also be aesthetic renovations to the façade, store fronts and interior renovations to the second floor office suites. An existing auto repair pad site will be demolished, making room for three potential outparcels. The property will also be rebranded as Fairless Hills Towne Center.
Located at 401-499 South Oxford Valley Road in the Fairless Hills section of Bristol Township, the outdoor mall offers the developers a centrally located entry into this densely populated region that is easily accessible via Route 13, Route 413, the Pennsylvania Turnpike, and Interstate 95.
CBRE/Fameco will be the exclusive brokers for the property. Existing tenants are excited about the new ownership and management as well as the proposed renovations with many willing to renew their current leases. A new long term extension has been secured by Giant Foods. Currently, approximately 125,000 (+/) sq. ft. of retail space is in negotiation with major national retailers.
Fairless Hills Shopping Center is located on 34.56 acres, features second floor office space and 1,565 Parking Spaces.
Family-owned Larken Associates has been building and managing commercial and residential real estate for nearly five decades, with a résumé that also includes building single family homes and building and managing residential condominiums, town homes, active adult communities and garden-style apartments.
For leasing information, call (908) 874-8686 or log onto www.LarkenAssociates.com.
About Larken Associates
A two-generation, family-owned business since 1965, Larken Associates is widely-recognized as one of New Jersey’s fastest growing, well-respected companies. Based in Branchburg, NJ, Larken has been responsible for developing prominent residential and commercial projects throughout the Tri-State area.
About Tightline Equities
Tightline Equities, LLC is the investment and asset management subsidiary of Larken Associates. Tightline Equities uses its proprietary capital to make direct and co-investments in real estate assets across most major sectors including multifamily, retail, office, and land development. Typical investments have existing cash flow and a value-add component where the organization’s rich history in development can amplify returns through focused capital investment. Overall investments range from $5 million to $50 million.
Tightline Equities has a regional focus around Central New Jersey and Eastern Pennsylvania which allows it to leverage its local market knowledge, deep contacts, and professional experience.
About Red Starr Investments, LLC
Red Starr Investments, LLC is a New York based real estate operating and investment firm with real estate holdings throughout the United States and Puerto Rico. Red Starr is both an operator and a flexible capital source for its partners. Red Starr will invest across asset classes and geographies and is willing to invest either debt or equity in the right situation. Red Starr continues to look for opportunities to acquire for its own account or to invest alongside its select list of trusted partners.