Wall Towne Center at 2433-2445 Route 34 in Wall Township — Courtesy: HFF
By Joshua Burd
A grocery-anchored retail center in Monmouth County has changed hands for more than $40 million, following a sale arranged by brokers with HFF.
The firm said Monday that it represented AEW Capital Management L.P. in its sale of Wall Towne Center, a fully leased, 99,070-square-foot complex at 2433-2445 Route 34 in Wall Township. DWS purchased the ShopRite-anchored property for $41.5 million.
The HFF team of Senior Managing Director Jose Cruz, managing directors Kevin O’Hearn and Chris Munley and senior directors Michael Oliver and Stephen Simonelli represented AEW, which was working on behalf of one of its separate account clients.
“The investment market responded very favorably to Wall Towne Center given the ShopRite sales, location and surrounding demographics,” Cruz said. “We continue to see demand for high quality retail throughout New Jersey.”
Besides ShopRite, Wall Towne Center is home to a dozen tenants including Great Clips, AT&T, GNC, Allstate Insurance and OceanFirst Bank, HFF said. Completed in 1997, the center most recently underwent renovations in 2017 when ShopRite expanded its space.
The property sits on nearly 12 acres and is the only grocery-anchored retail option on Route 34, according to a news release. Its location is accessible to the neighboring municipalities of Manasquan, Point Pleasant, Brick and Brielle via the Route 35/70/34 intersection.
