September 11, 2019

Sun Equity Partners selling NJ shopping center

Marcus & Millichap has been retained to sell Greenleaf at Howell, a newly constructed, open-air community shopping center in Howell Township, New Jersey. The price is $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.

“National, regional and credit tenants account for 85 percent of the center’s net operating income.”

Iacono and Bill Rose, senior managing director, are representing the seller, Sun Equity Partners, a New York-based real estate investment firm.

Brian Hosey, vice president and regional manager is Marcus & Millichap’s broker of record in New Jersey.

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

The property’s five-mile population increased from 140,118 to 147,785 between 2010 and 2018. In that same period, average local household income increased from $103,027 to $117,125.

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.

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

A mix of restaurant and shop tenants on long-term net leases include Starbucks, T-Mobile, ClimbZone, Hair Cuttery, Mattress Firm, Jersey Shore Supplements and Children’s Dental.