Horizon Equities has bought a 10-property, 310,023-square-foot retail and medical workplace portfolio in Ocean County, N.J. Marcus & Millichap, along with Institutional Property Advisors, brokered the $46 million transaction on behalf of the vendor, a non-public investor, and secured the customer.
The portfolio consists of 5 multi-tenant and two single-tenant retail properties, along with two medical places of work and an asset that’s slated for redevelopment.
A lot of the traded properties are in Toms River, N.J., with just one situated in Brick, N.J. A number of belongings are in Vacation Metropolis, a neighborhood in Toms River that caters to a major variety of senior residents.
The portfolio is near the Jersey Shore and main employment facilities in Philadelphia and New York Metropolis. They are often simply accessed through New Jersey Route 37, U.S. Route 9 and the Backyard State Parkway.
READ ALSO: The place to Discover Alternatives as Financial system Slows
Marcus & Millichap Senior Managing Director of Investments Alan Cafiero, First Vice President of Investments Brent Hyldahl and Affiliate Seth Goldberg, along with IPA Senior Director Brad Nathanson, represented the vendor.
In a ready assertion, Cafiero stated that the portfolio was 70 p.c leased to greater than 100 tenants on the time of sale. This supplies the customer with a secure money circulate and the potential to extend returns by means of leasing up vacant models.
As well as, the brand new possession reportedly intends to improve the belongings. Deliberate enhancements embrace modernized facades, new signage and car parking zone repaving, in addition to new landscaping and higher lighting, in keeping with app.com.
The Ocean County portfolio, up shut
The multi-tenant retail belongings embrace:
- Bellcrest Plaza, a 105,000-square-foot buying middle anchored by RWJBarnabas Well being, situated at 931-953 Fischer Blvd. in Toms River.
- Yorktowne Plaza, a 41,915-square-foot property in Brick.
- Vacation Metropolis Plaza, a three-property, 119,000-square-foot portfolio situated at Jamaica Boulevard in Toms River.
The medical workplace properties that modified arms had been the 18,000-square-foot Vacation Metropolis Medical Middle and a 6,470-square-foot, freestanding medical workplace constructing occupied by the US Social Safety Administration.
The one-tenant, net-leased belongings comprise a 14,564-square-foot Ceremony-Support with roughly 6 years and a half remaining on a 20-year lease time period and a 2,500-square-foot Wells Fargo with 7.5 years remaining on the lease and two five-year renewal choices.
One other single-tenant, net-leased property, a 2,000-square-foot former PNC Financial institution with a double drive-through and 17 parking areas, is ready to be redeveloped.