Manahawkin Commons, which is located near the intersection of Route 72 and the Garden State Parkway, is being joint ventured by the Woodmont Co. of Fort Worth, TX and ORIX Real Estate Equities of Chicago. Woodmont, which has a regional office in New York, is teaming with Retail Realty of New Jersey, based in Fort Lee, to lease the project.
Prior to officially breaking ground, the developers had already lined up several key tenants for the shopping center, with Woodmont investment partner Maria A. Bunstine responsible for negotiating the transactions. On board are a T.J. Maxx 'n More unit, which is taking a total of 45,000 sf, along with office supply retailer Staples, Pier 1 Imports, Atlantic Books and TGI Friday's.
"We are also currently negotiating with several other national and local retailers who will contribute significantly to the center's tenant mix," according to Bunstine. "Given the location of the property and its proximity to affluent residential areas, including Long Beach Island, we feel that Manahawkin Commons it going to be a big draw for shoppers."
For the privately-held Woodmont Co., Manahawkin Commons represents its initial foray into the New Jersey retail market and the farthest east it's been in its shopping center development activities. Other than two shopping center complexes in western Pennsylvania, most of its activity in that area has been in the Southwest region and in the Mountain States. The company specializes in development, investment, management and brokerage.
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