By Joshua Burd
The owner of a Toms River shopping center has placed the property on the market, brokers with RIPCO Real Estate said, touting the potential to draw offers of more than $20 million.
Located at 635 Bay Ave., the 252,677 square-foot complex is 38 percent vacant but home to major retailers including Marshall’s, HomeGoods and Ashley Furniture, RIPCO said. That makes it a likely value-add opportunity, the brokers noted, adding that some 43,000 vehicles pass the property daily.
RIPCO’s Steven Winters and Mike Horne make up Seacourt Pavilion’s leasing team and are working with investment sales brokers Stephen R. Preuss Sr. and Kevin Louie to market the center for sale.
“Seacourt Pavilion in Toms River, New Jersey, is a rare opportunity for an investor to acquire a true value-add shopping center at below replacement cost with several longstanding national credit tenants with high-performing sales figures,” Preuss said.
Seacourt Pavilion, which sits on 26 acres at the Hooper Avenue intersection, is also home to DaVita Dialysis.
Louie added that the property’s size provides “optionality for a buyer to reposition the retail tenancy along with adding medical use, self-storage, amongst many others allowing a buyer to build to a very attractive end return rate.”
