"This is ground-zero for retailing in Monmouth County," enthuses Zaro. "With this opportunity, we're doubly blessed." The seller of Holmdel Towne Center was California-based TCW Investment Advisors, and the price tag was $44.75 million.

The new center is 92% pre-leased to such tenants as The Gap and GapKids, Old Navy, Victoria's Secret, Ann Taylor Loft, Linens 'n' Things, Bath & Body Works, Elizabeth Arden and Barnes & Noble. Even with the latter moving across the highway from Holmdel Towne Center to the new center, the former remains 97% leased.

Besides the new shopping center, the former Lily Tulip site will include a 45,000-sf office building, 50% pre-leased to Meridian Health System; a nursing facility operated by Meridian Quality Care; and nearly 160 single-family homes being developed and marketed by Continental Properties of Woodbridge, NJ.