Lacey Mall at 344 Route 9 in Lacey Township — Courtesy: CBRE
By Joshua Burd
A developer has sold more than 376,000 square feet of grocery-anchored retail space across three properties in Ocean County, in a newly announced deal by CBRE.
According to a news release, a fund managed by DRA Advisors paid an undisclosed sum to buy the portfolio from Pasbjerg Development Co. The brokerage team noted that the assets — 860 Fischer Blvd. in Toms River, 260 North County Line Road in Jackson Township and 344 Route 9 in Lacey Township — are 94 percent leased collectively, thanks in part to a tenant mix that includes ShopRite as the anchor at each property.
CBRE’s Chris Munley, Colin Behr, Ryan Sciullo, Casey Smith, RJ Mirabile and Michael Pascavis represented Pasbjerg in its sale of the 376,462-square-foot portfolio. Terms were not disclosed.
“Our team was privileged to work alongside Pasbjerg Development though the disposition process,” Munley said. “These assets were meticulously maintained and managed through the many years of successful ownership to the highest standard. DRA and Soundwater Properties executed the acquisition process flawlessly. They were professional throughout and moved seamlessly from contract to close. Thank you to all parties involved and congratulations on a successful transaction.”
The Saker family, which has been operating grocery stores since 1916 and currently owns and operates 39 supermarkets throughout central New Jersey, operates the ShopRites at all three properties, CBRE said. The locations boast more than 5 million combined visitors annually.
Pasbjerg Development Co., which was founded in 1958, developed and managed the properties.
“This portfolio offered investors an opportunity to acquire a best-in-class portfolio anchored by the dominant grocer in the region, ShopRite, doing phenomenal sales,” Behr said. “Additionally, at 94 percent occupancy, average tenant tenure of 25+ years and 80 percent of the income dedicated to national and credit tenancy, the assets provide exceptionally stable cashflow.”
Brett Gottlieb, managing director at DRA Advisors, added: “We are excited to partner with Soundwater on this portfolio acquisition. These well-located grocery centers, anchored by dominant ShopRite stores with an excellent operator, are a great addition to our national retail portfolio.”
CBRE, meantime, noted that Eastman Cos. was integral to executing the acquisition and will lead property management, accounting and construction functions throughout the portfolio.
“Chris and Colin acted as true advisers to ownership throughout the entirety of the disposition process,” Pasbjerg Development’s Steve Nussbaum and Geoff Adler said in a joint statement. “They are professionals in the highest sense of the word and without their capabilities and consistent great advice, guidance and recommendations, we doubt the transaction would have been consummated. We have sold many retail properties and shopping centers for others, but one of our best decisions ever was to bring in the Munley, Behr team of CBRE. They exceeded our expectations which most who know us would agree this was a herculean task in of itself.”
The Lacey property, Lacey Mall, is the largest in the portfolio with 173,988 square feet on 21.3 acres, according to a news release. In addition to ShopRite, the property also houses national tenants such as T.J. Maxx, Mattress Firm, Firestone, Hand & Stone, UPS, Dollar Tree, Dunkin’, Popeyes and Verizon Wireless.
The 114,753-square-foot Jackson Plaza, for its part, opened on North County Line Road in 2002. Other tenants include AT&T, Advance Auto Parts and McDonald’s.
The third property, Bay Plaza, spans 87,721 square feet and was built in 1994 on a 20.49-acre site, CBRE said. In addition to ShopRite, the center is home to Citizens Bank, the Little Gym and Manhattan Bagel.
