By Joshua Burd
Paramount Realty has added more than 79,000 square feet of retail space after acquiring a multitenant shopping center in Toms River, brokers with RIPCO Real Estate said.
According to a news release, the buyer paid $8.75 million for Bey Lea Plaza at 1030 Hooper Ave. It now plans to work with local officials and a design team to redevelop and reposition the parcel, RIPCO said, citing its strong location directly across from the Ocean County Mall.
RIPCO’s Steven Winters and Mike Horne brokered the transaction, identifying the seller as Marx Realty. They noted that the 79,362-square-foot property is home to tenants including PetSmart, Vitamin Shoppe, Wells Fargo, Encore Dental, Friendly’s and Lane Bryant, while the deal does not include Burlington and Steals & Deals buildings that are on site but owned separately.
“Located along Hooper Avenue across from Ocean County’s only regional mall, Bey Lea Plaza is in the heart of the Toms River retail trade area serving a population of over 160,000 within a five-mile radius,” said Winters, an executive vice president at RIPCO. “With a variety of national retailers, we are confident with its bullseye location and the improvements that Paramount Realty is planning that this shopping plaza will continue to attract both local and national businesses as well as a high volume of visitors.”
