Waretown Town Center at Route 9 and Memorial Drive in Waretown — Courtesy: First National Realty Partners
By Joshua Burd
First National Realty Partners has acquired a nearly 88,000-square-foot, grocery-anchored shopping center in the Waretown section of Ocean Township.
According to the firm, which is based in Red Bank, the addition of Waretown Town Center at Route 9 and Memorial Drive marks its seventh retail property in New Jersey. The company paid an undisclosed price for the 87,735-square-foot center, the home of a 60,800-square-foot ShopRite that has been a tenant for more than 15 years, as well as Meridian Health, Shore Smiles Dentistry, Saladworks and Great Clips.
CBRE’s Colin Behr and Chris Munley represented the unlisted seller.
“We are thrilled to add Waretown Town Center to our growing portfolio,” said Mike Hazinski, FNRP’s chief investment officer. “This market-dominant asset highlights our strategic approach to acquiring high-quality shopping centers in strong retail corridors.”
In a news release, FNRP noted that Waretown Town Center has high visibility and is accessible to a customer base of more than 73,000 people with an average household income exceeding $132,000, all within a 15-minute drive.
“Grocery-anchored retail continues to be a preferred asset class due to a phenomenal operating environment with robust tenant demand coupled with limited new supply,” Hazinski added.
