333 Route 9 in Bayville — Courtesy: Jeffery Realty Inc.
By Joshua Burd
A New York-based real estate firm has closed on a 156,000-square-foot shopping center in Ocean County, in a transaction arranged by Jeffery Realty Inc.
Shane Wierks, vice president with the retail brokerage, said Monday that Milbrook Properties acquired the center at 333 Route 9 in Bayville. The complex is 84 percent occupied by tenants including Goodwill Industries, Retro Fitness, Dollar Tree and M&T Bank.
Wierks was the sole broker in the transaction, touting Bayville’s location near Toms River and the Garden State Parkway. Built in 1990, the property also is home to Manhattan Bagel, Bubbakoos Burritos and Jersey Mikes, among other tenants.
Terms were not disclosed, but the property traded at a cap rate of around 7 percent on its existing rent roll, Wierks said.
Milbrook Properties is a real estate management, acquisition and development firm based in Manhasset, New York. The company also owns properties in Linden, Edison, Plainsboro and East Windsor.