First National Realty Partners acquires shopping center from Chancellor Development
Waretown, NJ — CBRE announced the $14.2 million sale of Waretown Town Center, an 87,735 s/f, ShopRite-anchored neighborhood shopping center located in Waretown, Ocean County, NJ. First National Realty Partners acquired the complex, which is 96% leased to a strong tenant mix, from Chancellor Development.
The CBRE National Retail Partners Mid-Atlantic team of Chris Munley, executive VP, Colin Behr, senior VP, Ryan Sciullo executive VP, H. Casey Benson Smith, VP, RJ Mirabile, associate, and Michael Pascavis, associate, spearheaded the marketing campaign for the property and represented the seller in the negotiations.
“We continue to see exceptional demand for grocery anchored assets throughout the country,” said Behr. “With ShopRite being the dominant grocer in New Jersey, this was an extremely competitive process and a complicated transaction in a volatile debt market. We are grateful all sides worked effectively together to get this one across the finish line.”
In addition to ShopRite, other retail tenants at the complex include, Harvest Buffet, Shore Smiles Dental, Joe’s Bagel and Grill, Saladworks, Great Clips, Oxford Cleaners and Ocean First Bank.
“Retail is thriving, and the result has been record demand for the product, and grocery-anchored retail assets in particular,” said Munley. “Given current trends, we anticipate further cap rate compression going forward.”
In other news, CBRE announced the $9.8 million sale of 470 Chestnut Ridge Rd., a 53,730 s/f office building in Woodcliff Lake. Jeffrey Dunne, Doug Rodio, Travis Langer and Dan Blumenkrantz of CBRE’s Institutional Properties Group represented the owner, Keystone Property Group. Located at the intersection of Chestnut Ridge Rd. and Tice Rd. - adjacent to Whole Foods, the property is 100% leased to Kiewit Infrastructure for their Regional Northeast Headquarters. Kiewit is one of North America’s largest engineering and construction organizations with $13.7B in revenue and over 28,000 employees.
Comments