9218 Ventnor Ave. in Margate — Courtesy: CBRE
By Joshua Burd
The owners of some 15,000 square feet of office and retail space in southern New Jersey have sold the two-property portfolio for a combined $5.35 million, brokers with CBRE announced.
According to a news release, the assets include 9218 Ventnor Ave. in Margate and 109 34th St. in Ocean City. A buyer listed as SRZ Properties LLC purchased the Margate building for $3.15 million, while 109 34th Street TT ZZ LLC acquired the latter for $2.2 million.
CBRE’s Michael Shover and Matthew Gorman, which listed the properties on behalf of New Castle Avenue LLC and Berkshire Margate LLC, said both house Berkshire Hathaway Fox & Roach Realtors offices.
“Both these properties offered the buyers an opportunity to own high-quality, stabilized assets in the heart of the Jersey Shore,” Gorman said. “They are fully leased to a blue-chip tenant with structured rental increases in place.”
The brokers noted that 109 34th St. is a 7,013-square-foot building with office and retail space on the ground floor, featuring a 22-space dedicated parking lot that is a rare amenity in a densely developed area. It also sees average daily vehicle traffic of 14,316 cars, while it’s adjacent to national retailers such as Wawa, CVS and Acme.
The Margate property, meantime, sits on a highly visible corner parcel in a vibrant and walkable business district less than a quarter-mile from beaches and the historic Lucy the Elephant attraction. In addition to nearly 8,000 square feet of office and retail space, the building also has on-site parking, along with 20 additional leased spaces in the nearby Margate City municipal lot.
“It was a very competitive sale process, with the Ocean City property receiving multiple offers that sparked a bidding war and ultimately led to a closing above the list price,” Shover said. “In addition, the upside potential is immense, as both properties are within walking distance from public beach access and boast strong visibility and redevelopment optionality for future value creation.”
