SOURCE: HFZ Capital Broup

HFZ Capital Broup

October 02, 2013 12:00 ET

HFZ Capital Group Acquires Second Sports Complex in New Jersey

Sports Themed Retail Centers Are Target for Future Investment

NEW YORK, NY--(Marketwired - Oct 2, 2013) - Ziel Feldman, Founder & Managing Principal of New York based HFZ Capital Group, announced today that the company has acquired Waldwick Splash Park, a 146,661 sq. ft. sports complex in Waldwick, New Jersey. The purchase price was $21,950,000. 

This high quality sporting and recreational facility is 100% leased. It includes a 79,200 sq. ft. Superdome operated by Unlimited Sports LLC, a state-of-the-art three lane track, and four 30x60 yard fields, which caters to local school sports teams, clinics and leagues. The main reception building features a locker room, party room, video game room, and administrative offices. The park has a basketball facility operated by Hoop Heaven; a golf simulator operated Greenhouse Golf; Excel Orthopedic Rehabilitation, a physical therapy services provider; The Learning Experience, which provides daycare/preschool activities; The Petrov Ballet School; as well as several fitness facilities, outdoor fields and parking.

The property is located in the center of one of New Jersey's wealthiest communities. According to Mr. Feldman, "We were attracted to this asset because of its prime location and superb facilities. It is used year round by individuals, schools, sports teams, camps and for ballet classes, parties, day care, and various after-school activities. Management is highly experienced and will be invaluable in continuing operations and identifying future opportunities."

HFZ already owns Sports Park, a 42,000 square foot sporting and recreational facility located in Upper Saddle River, New Jersey, and the additional acquisition will benefit from the synergies and working relationships already in place. 

Due to budget cuts and cumbersome zoning and approval processes, municipalities are less focused on updating or expanding recreational facilities for their constituents. This has resulted in a significant reduction in supply and programming. However, sports facilities are more important than ever to parents who see sports as a way to provide their children with a competitive advantage for college admission and scholarships. 

"While demand for sports facilities is growing, barriers to entry are high. Given our existing asset in the sports facility arena, we found Waldwick Splash Park an attractive opportunity to expand our portfolio, and we will continue to explore additional opportunities in this area in the future," added Feldman. 

Financing was provided by Union Center National Bank and arranged by Larson Capital. NAI Hanson was the broker who represented the seller in the transaction, Waldwick Splash Park, LLC, a group of investors led by Jeff Kurtz.

About HFZ Capital Group:

HFZ Capital Group is a Manhattan-based real estate investment and development firm with expertise in a broad range of real estate disciplines including underwriting analytics, structured finance, investment, development and asset management. HFZ capitalizes on development and investment opportunities both in the U.S. and abroad and has acquired owned, developed and operated properties across many asset classes, including residential, hotel, retail, sports and entertainment. Ziel Feldman, HFZ's Founder and Managing Principal, has championed the development of mixed-use luxury properties for over 25 years across a broad range of Manhattan neighborhoods with over 10,000 residential units bought, sold and developed. Today HFZ is managing or developing over 3.5 million square feet of Manhattan real estate. The company has a stellar reputation for restoring and preserving historic buildings to their original grace and refinement, as well as ground up developments that deliver architecturally significant properties through collaboration with renowned architects and designers. 

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