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KEYPORT, NJ-The 75,914-sf Keyport Plaza here has been sold by Keyport Plaza Associates LLP to BLDG Acquisition for $16.5 million. That number factors out to a healthy $217 per sf, another indication of the ongoing attraction of grocery-anchored shopping centers in the current investment sales market in the Garden State. BLDG Acquisition bought a 100% fee simple interest in the property.

"Keyport Plaza represented the opportunity to acquire a recently built, highly visible shopping center in one of the country's most active retail markets," says Jon Mikula, senior managing director in the Florham Park, NJ office of Holliday Fenoglio Fowler. Mikula and Jim Cadranell, a director in HFF's New Jersey office, along with senior managing directors Joe Morningstar and Glenn Whitmore, and managing director Andrew Scandalios of the firm's New York office, marketed the asset on behalf of the seller, a local partnership.

Keyport Plaza has a main building totaling just over 66,000 sf, with a 57,117-sf Stop & Shop supermarket as the anchor tenant. The store originally opened as an Edward's supermarket, but was converted to a Stop & Shop when the latter's parent company acquired Edward's a few years ago.

Besides the main building, the shopping center has an attached satellite building of just under 12,000 sf, with Ladies Workout Express occupying most of that space. The 8.66-acre property also has two pad sites totaling nearly 10,000 sf of building space occupied by two eateries, IHOP and the Office Beer Bar & Grill. Overall, Keyport Plaza is currently 97% occupied. The asset's 8.66-acre site is situated at the intersection of Routes 35 and 36, with access and frontage on both highways, in northern Monmouth County, less than a mile from the Garden State Parkway.

Instant Insights /

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