August 22, 2019

$78.5M community shopping center hits the market near Jersey Shore

Marcus & Millichap announced Thursday the exclusive listing for sale of Greenleaf at Howell, a newly constructed, open-air community center in Howell Township for $78.5 million.

“Currently 100 percent 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,” said Karly Iacono, vice president investments in Marcus & Millichap’s New Jersey office.

Iacono and Bill Rose, senior managing director, are representing Sun Equity Partners, the seller, a New York-based real estate investment firm. Vice President and Regional Manager Brian Hosey is Marcus & Millichap’s broker of record in New Jersey.

Greenleaf at Howell consists of five separate parcels with an existing 228,664 square feet of commercial space anchored by BJ’s Wholesale Club, LA Fitness and Xscape Theatres.

Built between 2015 and 2019 on more than 50 acres, the property is located on the northeast corner of U.S. Route 9 and Lanes Mill Road along the Route 9 Corridor. 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.