Greenleaf at Howell — file photo
By Joshua Burd
The developer of a new retail complex in Monmouth County is seeking a buyer for the property, where brokers are also touting the ability to build another 117,505 square feet.
A team with Marcus & Millichap is representing Sun Equity Partners, a New York-based real estate investment firm, in marketing the property known as Greenleaf at Howell. Located at Route 9 and Lanes Mill Road, the complex spans 228,664 square feet across 50 acres, with anchor tenants including BJ’s Wholesale Club, LA Fitness and Xscape Theatres.
The listing 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 handling the assignment, while Marcus & Millichap Vice President and Regional Manager Brian Hosey is the firm’s broker of record in New Jersey.
Greenleaf at Howell, which was built between 2015 and 2019, consists of five separate parcels along the main thoroughfare between Freehold and Trenton, Marcus & Millichap said. The firm touted the increase in the property’s five-mile population from 140,118 to 147,785 between 2010 and 2018, during which household income in the area also grew from $103,027 to $117,125.
Other tenants at Greenleaf include Starbucks, T-Mobile, ClimbZone, Hair Cuttery, Mattress Firm, Jersey Shore Supplements and Children’s Dental, Marcus said. Major regional employers include Church & Dwight, Saker ShopRites Inc. and Meridian Health Systems.
“An investor may achieve double-digit returns through the construction of an additional 117,505 square feet of commercial space,” Rose said. “Entitlements are in place, creating enhanced value of the to-be-developed land within the center.”
