Howell Township Retail Center Sells for $6M in Deal Arranged by Gebroe-Hammer

HOWELL TOWNSHIP, NJ—Aldrich 9 Plaza, a 28,660-square-foot neighborhood retail center in Howell, NJ, has been sold for $6.422 million in a transaction arranged by Gebroe-Hammer Associates’ president Ken Uranowitz and vice president Adam Zweibel. The firm exclusively represented the seller, Aldrich Nine Associates and procured the buyer, Aldrich III.

“The entire retail sector has undergone a metamorphosis as it continues to successfully adapt to new experiential spending habits,” says Uranowitz. “Well-located consumer and lifestyle hubs like Aldrich 9 Plaza have demonstrated their true resilience – and favorability among investors – by offering a balance of services like fast-casual dining, health and wellness, entertainment and education alongside traditional shopping.”

Located on US Route 9 North between Aldrich Road and Moroz Street, the single-story multi-tenant center abuts and is contiguous with Aldrich Plaza Shopping Center. Aldrich 9 Plaza is anchored by Walgreens and Aldrich Plaza by a Bed Bath & Beyond.

“Conveniently located at one of the busiest intersections in the Howell trade area, Aldrich 9 Plaza was fully occupied at the time of sale with a nicely balanced tenant roster,” says Zweibel, Gebroe-Hammer’s Central Jersey market specialist.

Built in 1988, Aldrich 9 Plaza includes the 15,167 square-foot Walgreens; the 10,393 square-foot Howell Medical Pavilion/RJWBarnabas Health; and 3,100 square-foot Big City Bagels. According to Zweibel, more than 47,000 vehicles pass the property each day along Route 9 and nearly 136,000 people reside within a five-mile radius of the shopping center.

Monmouth County is a historically strong retail submarket and home to some of the state’s prominent top-performing shopping centers. These include Freehold Raceway Mall in Freehold and Jersey Shore Premium Outlets in Tinton Falls.