A retail center at 1500 Route 35 South in Middletown, which is being repositioned and will be home to a new ShopRite store — Courtesy: JLL
By Joshua Burd
A buyer has paid $32 million to acquire a fully leased, soon-to-be-repositioned retail center in Monmouth County that will be home to a new ShopRite location.
Located in Middletown at the corner of Route 35 South and Kings Highway, the complex spans 191,230 square feet and includes two occupied pad sites leased to Wendy’s and Investor’s Bank. Brokers with JLL had been marketing the property on behalf of an undisclosed seller, noting at the time that the center was vacant but was being renovated as part of a repositioning plan.
A recent report by the Asbury Park Press noted that the project was set to transform a former Sears building that had been vacant since late 2018. According to the story, the plan called for cutting nearly 13,000 square feet to reduce its footprint to 144,523 square feet.
Saker ShopRite was slated to take 97,772 square feet, the report said, while Jeffery Realty was marketing an additional 41,196 square feet within the main building and in an adjacent pad site. The supermarket plans to relocate to the new center from across the street.
The JLL marketing team listed on offering included Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, Mark Mahasky and Michael Kavanagh.
