N ew J ersey S hopping C enters C entral NJ S potlight
M id A tlantic Real Estate Journal — Central NJ — February 2023 — 5B
www.marej.com
Cafiero, Hyldahl, Goldberg, Nathanson and Hovnanian handle 10-property transaction Marcus & Millichap closes $46 Million retail and office portfolio sale with Horizon Equities
BRIDGEWATER, NJ — CBRE announced it has arranged the $27 million acquisition of three proper- ties—1200, 1210 and 1220 Rte. 22 E in Bridgewater. Treetop , a real estate invest- ment and development firm, acquired the properties from Bridgemark Hospitality. The CBRE Tri-State Invest- ment Properties team of Elli Klapper, Charles Berg- er, Jeremy Wernick, and Mark Silverman worked in conjunction with Advisory & Transaction’s Donald Sper- ling to bring the transaction to a successful conclusion. “This unique assemblage sale combines two very dif- ferent types of transactions,” said Klapper. “Treetop not only purchased a fantas- tic value-add medical office building, but they also pur- chased two adjacent land lots for future development.” “Developers and investors recognize the importance of a strong in-place income stream, “Leased to over 100 tenants, the portfolio is 70% occupied, giving our buyer stable in- place cash flow and significant value-add opportunity through lease up of vacant units, which will immediately boost re- turns,” said Alan Cafiero , senior managing director in- vestments, Marcus & Mil- lichap. “Part of the portfolio is located in Holiday City, an area of Toms River catering to a large population of senior OMS RIVER, NJ — Marcus & Millichap , a commercial real es- tate brokerage firm special- izing in investment sales, fi- nancing, research and advisory services, announced the sale of the Ocean County Middle Mar- ket Portfolio, a 10-property, 310,023 s/f retail and office portfolio in the Ocean County, New Jersey townships of Toms River and Brick. The portfolio sold for $46 million. T
Elizabeth. Its last mile loca- tion is within close proximity to the strongest consumer markets in the Northeast. In other news, The CBRE Capital Markets Team of Ste- phen Marzullo and Adam Silverman, along with Ste - phen Kriz of CBRE’s Advi- sory & Transaction Services, spearheaded the marketing of the park and represented the seller, Hudson Companies of Hermitage, PA. In the past 18 months, the Marzullo and Silverman team has exclusive- ly represented and closed five medical office and life sciences investment property sales to- taling $42.5 million on behalf of private capital clients. “Thomas Park was attracted to Marple Commons for its loca- tional advantages, a proven and densely populated medical node with an attractively diverse medical rent roll. Thomas Park expects to continue to attract high caliber medical tenancy to the asset given the assets convenient location, abundant and near major employment centers in Philadelphia and New York City, the properties are accessible from New Jersey Route 37, U.S. Route 9, and the Garden State Parkway. The portfolio benefits from strong local demographics in Toms River, Brick, and Lakewood, densely populated municipali- ties in Ocean County where average annual household income is nearly $100,000. The properties are in Tom’s River, except Yorktowne Plaza, which is in Brick. There are five multi-tenant retail prop- erties, two medical offices, two single-tenant net-leased properties, and a property for redevelopment. The multi-tenant retail as- sets are Bellcrest Plaza, a 105,000 s/f center anchored by RWJBarnabas Health; Holiday City Plaza I, a free- standing 37,902 s/f enclosed shopping mall; Holiday City
parking, and future building enhancements planned for the months and years ahead,” said Marzullo. At the time of sale, Marple Commons was 98% leased to a diversified mix of 21 tenants including Premier Orthopae- dics, Children’s Hospital of Philadelphia (CHOP), Main Line Healthcare, Kidney Care Specialists and Labcorp. Thomas Park Investments purchased Marple Commons through Thomas Park Growth Fund I, an investment vehicle that has aggregated over $3 million of NOI over the last eight months by purchasing PA and NJ medical office assets. With a ripe pipeline the portfolio is positioned to continue its growth into 2023. “It was a pleasure working with CBRE and the Hudson Companies on this transac- tion. We intend to carry their good work on the asset for- ward,” said Alex Kopicki, CIO, Principal at Thomas Park Investments. MAREJ Plaza II, a 37,712 s/f strip center anchored by Provident Bank; Holiday City Plaza III, a 43,440 s/f strip center anchored by Ivy Rehab; and Yorktowne Plaza, a 41,915 s/f center 93% occupied by 22 tenants. The medical office proper- ties are Holiday City Medical Center, an 18,000 s/f office building 85% occupied by 14 tenants, and a 6,470 s/f, free- standing building occupied by the United States Social Security Administration. The single-tenant, net- leased assets are a 14,564 s/f Rite-Aid with approximately 6.5 years remaining on a 20- year lease term, and a 2,500 s/f Wells Fargo with 7.5 years re- maining on the lease and two five-year renewal options. The property for redevelopment is a 2,000 s/f former PNC Bank with a double drive-through and 17 parking spaces. MAREJ
Ocean County Middle Market Portfolio
citizens. The income from this portfolio is diversified by a large number of tenants, which mitigates risk.” Cafiero, Brent Hyldahl and Seth Goldberg of Mar- cus & Millichap, with Brad Nathanson, IPA senior man- aging director investments, represented the seller, Edele Hovnanian , and procured the buyer, Horizon Equities . “Although Horizon Equities is
a national firm, we started in New Jersey and have 82 years of family history here,” said Joe Kotler, founder and man- aging partner of Horizon. “The people of Central Jersey mat- ter to us and this acquisition reflects our concern. We will continue to invest in local busi- nesses here and work alongside our tenants to upgrade the portfolio for mutual success.” Minutes from Jersey Shore
Treetop acquires 112,000 s/f office building and two adjacent land parcels on Rte. 22 E in Bridgewater, NJ for $27M
1200, 1210 and 1220 Rte. 22 E aerial
but also see the crucial need for developable land in to- day’s volatile market,” added Berger. “Since the pandemic there has been a major shift to- wards development, especially ones in strategic locations with excellent proximity to major transportation options.” “We are excited about the opportunity to purchase a well maintained and well
occupied cash flowing asset while we seek the approvals to construct an industrial build- ing on the adjacent vacant land,” said Azi Mandel , prin- cipal of Treetop Development. 1200-1220 Rte. 22 E is located just minutes from I-287, providing direct ac- cess to major thoroughfares throughout New Jersey and New York and Port Newark/
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