MANCHESTER TWP., NJ-Whiting Commons, a 105,000-sf shopping center in this township's Whiting section, hasn't opened yet, but it already has a new owner. Developers National Retail Properties and PA-based Ronco Development have sold the asset to a partnership of Lakewood, NJ-based Paramount Realty Services and the New Hyde Park, NY-based Kimco Realty.
The seller was represented by Paul Rumley of Metro Commercial Real Estate of Mt. Laurel, the buyers were represented in-house, and the sale price was not released.
"This is a long-term hold, much like the majority of our acquisitions," says Maurice Zekaria, co-president of Paramount Realty, tells GlobeSt.com. "This property is in a location strategically positioned on heavily traveled Route 70. We're very excited to add this center to our portfolio."
The new acquisition is anchored by a Super Stop & Shop supermarket, and other tenants include Subway, H&R Block, Hair Cuttery, the Ocean County Library, Wawa, Wendy's and Ocean First Bank, all slated to open in February. The property, at the intersection of Routes 70 and 539 in Ocean County, also includes some fully approved pad sites. "Upside value-add opportunity exists upon lease-up of the pad sites," Zekaria says.
For Paramount, which currently has a portfolio of 2.5 million sf of commercial properties, the deal also marks the firm's first institutional partnership. "What better company to make a strategic alliance with than Kimco Realty," Zekaria says.
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