Dealmaker: Marcus & Millichap Closes $46M Retail, Office Portfolio Sale

Marcus & Millichap, Calabasas, Calif., sold a 10-property, 310,000-square-foot retail and office portfolio in Ocean County, N.J., for $46 million.

Alan Cafiero, Senior Managing Director of Investments with Marcus & Millichap, noted more than 100 tenants occupy the portfolio, “giving our buyer stable in-place cash flow and significant value-add opportunity through lease up of vacant units, which will immediately boost returns.”

Cafiero worked with Marcus & Millichap First Vice President of Investments Brent Hyldahl and Associate Seth Goldberg and IPA Senior Managing Director of Investments Brad Nathanson to represent seller Edele Hovnanian on the transaction. The team also procured the buyer, Horizon Equities.

Located minutes from the Jersey Shore and near major employment centers in Philadelphia and New York City, the properties in Toms River and Brick are accessible from New Jersey Route 37, U.S. Route 9 and the Garden State Parkway. The portfolio included five multi-tenant retail properties, two medical offices, two single-tenant net-leased properties and a property for redevelopment.

The multi-tenant retail assets are 105,000-square-foot Bellcrest Plaza, Holiday City Plaza I, II and III, and Yorktowne Plaza, a 41,915-square-foot center.

The medical office properties are Holiday City Medical Center, an 18,000-square-foot office building 85% occupied by 14 tenants, and a 6,470-square-foot, free-standing building occupied by the U.S. Social Security Administration.

The single-tenant net-leased assets include a 14,564-square-foot Rite-Aid with 6.5 years remaining on a 20-year lease term and a 2,500-square-foot Wells Fargo with 7.5 years remaining on the lease. The redevelopment property is a 2,000-square-foot former PNC Bank with a double drive-through.