September 11, 2019

NJ Shore Retail Lists for $78M

Marcus & Millichap is marketing Greenleaf at Howell, a newly-constructed, open-air community center in the shore neighborhood of Howell Township, NJ. The asking price is $78.5 million.

“Currently 100% 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, VP investments in Marcus & Millichap’s New Jersey office.

The center contains 228,664 square feet of built-out space, occupied by tenants including BJ’s Wholesale Club, LA Fitness and Xscape Theatres. “National, regional and credit tenants account for 85% of the center’s NOI,” Iacono said.

Iacono and Bill Rose, senior managing director, are representing seller Sun Equity Partners. Brian Hosey is Marcus & Millichap’s broker of record in New Jersey.

Built between 2015 and 2019, Greenleaf at Howell benefits from both its location and favorable demographics that continue trending upward.