Leasing Activity Boosts Center to 98% Occupancy

Holualoa and Kay Realty bought the 120,000-sf asset, then known as Whiting Shopping Center, in late 2002 and promptly renamed it and instituted some physical improvements. Besides Super G, Whiting Town Center is co-anchored by a Rite Aid drugstore.

In addition to the Super G renewal, other recent leasing activity has boosted occupancy to 98%. New leases include Argo Management, a physical therapy group, which took 3,900 sf; Keller Williams Realty, 950 sf; and LabCorp, 2,000 sf. Ocean Federal Bank renewed for 4,200 sf, and five other tenants have renewed for spaces ranging from 900 to 3,000 sf, according to Michael Perlman, Holualoa's vice president overseeing its New Jersey properties.

Whiting Town Center is part of what Holualoa and Kay refer to as their "Parkway portfolio, so named for their proximity to the Garden State Parkway. Other properties include the Toms River Town Center in Toms River, Smithville Town Center in Galloway Twp., and Lakeridge Center in Dover Twp.

Whiting Town Center, located in the Whiting section of this Ocean County township, was developed in the 1970s as a "Downtown" for the Crestwood Village retirement center. Since then, the latter has grown into an 11,000-home, 20,000-resident community.