$78.5 Million Community Shopping Center Hits the Market Near Jersey Shore
HOWELL TOWNSHIP, N.J., Aug. 21, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the exclusive listing for sale of Greenleaf at Howell, a newly constructed, open-air community center in Howell Township, New Jersey. The price is $78.5 million.
“Currently 100% occupied, Greenleaf at Howell is an exceptional, core-plus asset with the opportunity to add value through the development of an additional 117,505 square feet of entitled commercial space,” commented Karly Iacono, vice president investments in Marcus & Millichap’s New Jersey office. “National, regional and credit tenants account for 85% of the center’s net operating income.” Iacono and Bill Rose, senior managing director, are representing the seller, Sun Equity Partners, a New York-based real estate investment firm. Brian Hosey, vice president and regional manager is Marcus & Millichap’s broker of record in New Jersey.
Built between 2015 and 2019 on more than 50 acres, the property is on the northeast corner of U.S. Route 9 and Lanes Mill Road along the Route 9 Corridor, the main thoroughfare between Freehold and Trenton. Greenleaf at Howell’s strategic location and surrounding townships provide favorable demographics that continue to trend upward. The property’s five-mile population increased from 140,118 to 147,785 between 2010 and 2018. In that same period, the property’s five-mile average household income increased from $103,027 to $117,125. The Jersey Shore lies 20 minutes away to the east and Monmouth Medical Center’s Southern Campus and OHI Lakewood Health Center are within four miles of the center. Other major regional employers include Church & Dwight, Saker ShopRites Inc., which is Monmouth County’s second-largest employer, and Meridian Health Systems, the second-largest employer in adjacent Ocean County. There are 20 schools within 10 miles of the property.
Greenleaf at Howell consists of five separate parcels with an existing 228,664 square feet of commercial space anchored by BJ’s Wholesale Club, LA Fitness and Xscape Theatres. A complementary mix of restaurant and shop tenants on long-term net leases include Starbucks, T-Mobile, ClimbZone, Hair Cuttery, Mattress Firm, Jersey Shore Supplements and Children’s Dental. “An investor may achieve double-digit returns through the construction of an additional 117,505 square feet of commercial space. Entitlements are in place, creating enhanced value of the to-be-developed land within the center,” concluded Rose.
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With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.