Consumer Centre at 310 Route 36 in West Long Branch — Courtesy: Marcus & Millichap
By Joshua Burd
A real estate investment trust has sold a nearly 300,000-square-foot power center in West Long Branch for $63 million, brokers with Marcus & Millichap announced Wednesday.
The seller, Site Centers, completed the deal at 310 Route 36 after having owned the property for nearly 20 years, according to Brad Nathanson of Institutional Property Advisors, a division of Marcus & Millichap. Locally based Paramount Realty Services purchased the 293,087-square-foot complex known as Consumer Centre, which is 96 percent occupied and anchored by one of the top-performing Home Depots in the region.
He added that the sale price equates to roughly $215 per square foot.
“There is tremendous demand for dominant power centers nationally, given the rebound in the markets post-COVID and the resiliency of value-oriented junior box retail,” said Nathanson, a senior managing director with IPA. “In fact, demand is outpacing the supply of premier, high-performing primary market assets like Consumer, especially with high construction costs and supply shortages that have put a damper on new retail construction within the recent past.
“We will have seen more power centers that have traded in the past 18 months versus the previous three years, given the rebound in the sector.”
Nathanson, who represented the seller, said Home Depot occupies 101,150 square feet and has been a tenant since the center was built in 1993. Other tenants include Dick’s Sporting Goods, buybuy Baby, Ulta, DSW, PetSmart and Five Below.