NJ Shore Shopping Center Hits Market for $79M
Marcus & Millichap has been retained as the exclusive sales agent for the property anchored by BJ’s Wholesale Club, LA Fitness and Xscape Theatres in 228,664 square feet of space.
HOWELL TOWNSHIP, NJ—Shortly after it secured a refinancing deal for the property, New York City-based Sun Equity Partners has put the Greenleaf at Howell power center here on the market for sale at a listing price of $78.5 million.
Marcus & Millichap has been retained as the exclusive sales agent for the property anchored by BJ’s Wholesale Club, LA Fitness and Xscape Theatres in 228,664 square feet of space. The property located on the northeast corner of U.S. Route 9 and Lanes Mill Road also features a mix of tenants on long-term net leases including: Starbucks, T-Mobile, ClimbZone, Hair Cuttery, Mattress Firm, Jersey Shore Supplements and Children’s Dental.
JLL Capital Markets announced in late May that it secured a $46.5-million loan with JP Morgan Chase & Co. to refinance the Greenleaf at Howell on behalf of Sun Equity Partners of New York City, according to multiple published reports.
“Currently 100% occupied, Greenleaf at Howell is an exceptional, core-plus asset with the opportunity to add value through the development of an additional 117,505 square feet of entitled commercial space,” says Karly Iacono, VP investments in Millichap’s New Jersey office. “National, regional and credit tenants account for 85% of the center’s net operating income.”
Iacono and Bill Rose, senior managing director, are representing the seller, Sun Equity Partners. Brian Hosey, vice president and regional manager is Marcus & Millichap’s broker of record in New Jersey.
Built between 2015 and 2019 on more than 50 acres, the property is located on the main thoroughfare between Freehold and Trenton. Greenleaf at Howell’s strategic location and surrounding townships provide favorable demographics that continue to trend upward, Marcus & Millichap reports.
The property’s five-mile population increased from 140,118 to 147,785 between 2010 and 2018. In that same period, the property’s five-mile average household income increased from $103,027 to $117,125. The Jersey Shore lies 20 minutes away to the east and Monmouth Medical Center’s Southern Campus and OHI Lakewood Health Center are within four miles of the center.