MANAHAWKIN, NJ—The Hampshire Companies and its joint-venture partners MCB Real Estate and One Liberty Properties have acquired The Manahawkin Commons, a 318,100-square-foot retail center in Manahawkin, NJ from ACI Manahawkin, for $42.3 million.
“The purchase of this multi-anchor retail center is ideal for our long-term portfolio strategy, as the Manahawkin Commons already boasts great visibility and high traffic in a desirable location, but also has plenty of potential as a value-add property with the additional opportunity for 12,500-square-feet of pad-site development,” says Robert Schmitt, principal in The Hampshire Companies. “MCB Real Estate and One Liberty Properties provide first-rate operational and institutional partnerships to ensure strong returns for our investors.”
The Manahawkin Commons, which is anchored by K-Mart, TJ Maxx and Regal Cinemas, is situated on 48-acres and is 95-percent leased, with 15,000-square-feet available. The high-volume shopping center has preliminary approval for three proposed pad sites of approximately 12,500 square feet. It is located directly off Route 72 West at the intersection of Washington Avenue and is also home to a variety of national and regional tenants, including Staples, Michaels, Pier One, Famous Footwear, Great Clips, Five Below, McDonald's, Verizon Wireless, Game Stop, Subway and Dunkin Donuts. The center is easily accessed from the Garden State Parkway by taking exit 63, and is in close proximity to the affluent New Jersey shore town, Long Beach Island.
José Cruz, senior managing director of Holliday Fenoglio Fowler, with managing director Kevin O'Hearn and real estate analyst Robert Borny, marketed the property on behalf of ACI Manahawkin. Mitchell Greene, Robert Sasloff and Lori Schwartz of Robinson Brog Leinwand Greene Genovese & Gluck provided legal counsel to ACI Manahawkin during the transaction.
“There was a significant amount of interest in this property given the current tenant base and potential upside,” says Cruz.
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