106 North Main St. in Forked River — Courtesy: JDA Group LLC
By Joshua Burd
JDA Group LLC has purchased a 6,000-square-foot bank building in Lacey Township, marking the development and investment firm’s entrance to the Ocean County retail market.
The operator, which is based in Hoboken, said it paid $5.96 million for the two-acre property at 106 North Main St. in the town’s Forked River section. It noted that the existing building is fully leased to TD Bank, but that the site has approvals for up to 5,000 square feet of additional retail space.
Anthony D’Ambrosia of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the off-market deal. JDA handled the transaction directly and has tapped Jason Pierson of Pierson Commercial as the property’s leasing agent.
“We are growing from our traditional northern New Jersey base with this acquisition, yet it represents a natural next step in our long-term growth plan,” JDA Group CEO Gregory Dell’Aquila said. “Single tenant, triple-net-lease properties are known for their stability and resilience regardless of market conditions. Aside from giving us the opportunity to acquire our first standalone retail property in Ocean County, this income-producing asset aligns perfectly with our company’s strategic plan for expanding regionally, seeking redevelopment opportunities, and building deeper relationships with retailers.”
In a news release, JDA said the property’s location in an area that lacks retail banking resources and is home to a large senior citizen population was a key consideration in the acquisition.
“Drive-through service has long been a desirable feature of highway retail, and over the past two years during the pandemic these establishments have proven their worth,” said Timothy Connell, a vice president with the firm. “Further, many older adults still prefer face-to-face interactions at branch locations, and Ocean County is underserved for retail banking locations.”
The property sits along Route 9 and near the Garden State Parkway in the heart of Ocean County. And it represents JDA’s second retail property purchase outside Hudson County in recent months, following its acquisition late last year of a Fort Lee parcel that’s home to a Starbucks store and a freestanding Bank of America ATM kiosk.
