Quail Creek Shopping Center in Howell — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has acquired a 52,000-square-foot commercial property in Howell for nearly $4.5 million, brokers with The Kislak Co. Inc. said Monday.
In a news release, the firm said it represented both parties in the $4.43 million sale of Quail Creek Shopping Center, a mostly retail property with office space at Ramtown-Greenville Road and Newton’s Corner Road. The complex, which is 65 percent occupied, includes a 44,000-square-foot strip mall and an adjacent two-story addition with 7,800 square feet of office space.
Kislak Sales Associate Justin Lupo represented the seller, Parker Partners LLC. Senior Vice President Matt Weilheimer represented the purchaser, 630 Grove Street LLC, noting that the brokerage identified the property as part of a 1031 exchange.
“The sale of Quail Creek represents the continued demand for investment properties of all asset classes in today’s market,” Lupo said. The brokers added that future plans for the site include upgrading the spaces and leasing the remaining retail and office suites.
Kislak said the shopping center has a mix of restaurants, medical offices and service-oriented tenants with ample parking. The office building features an atrium leading to suites on the second floor, the firm said, adding that offices have nine-foot ceilings.
The brokers also touted the site’s location less than a mile from Garden State Parkway Exit 91 and within a half-mile of Interstate 195.