20 — October 2024 — Southern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
S outhern N ew J ersey
First National Realty Partners acquires shopping center from Chancellor Development CBRE arranges $14.2 Million sale of Waretown Town Center at 501 Route 9 in New Jersey
W ARETOWN, NJ — CBRE announced the $14.2 million sale of Waretown Town Center, an 87,735 s/f, ShopRite-anchored neighborhood shopping center located in Waretown, Ocean County, NJ. First National Realty Partners acquired the complex, which is 96% leased to a strong tenant mix, from Chancellor Development . The CBRE National Retail Partners Mid-Atlantic team of Chris Munley , executive VP, Colin Behr , senior VP, Ryan Sciullo executive VP, H. Casey Benson Smith ,
Waretown Town Center
VP, RJ Mirabile , associ- ate, and Michael Pascavis , associate, spearheaded the marketing campaign for the property and represented the seller in the negotiations. “We continue to see excep- tional demand for grocery anchored assets throughout the country,” said Behr. “With ShopRite being the dominant grocer in New Jersey, this was an extremely competitive process and a complicated transaction in a volatile debt market. We are grateful all sides worked effectively to- gether to get this one across the finish line.” In addition to ShopRite, other retail tenants at the complex include, Harvest Buf- fet, Shore Smiles Dental, Joe’s Bagel and Grill, Saladworks, Great Clips, Oxford Cleaners and Ocean First Bank. “Retail is thriving, and the result has been record demand for the product, and grocery- anchored retail assets in par- ticular,” said Munley. “Given current trends, we anticipate further cap rate compression going forward.” In other news, CBRE an- nounced the $9.8 million sale of 470 Chestnut Ridge Rd., a 53,730 s/f office building in Woodcliff Lake. Jeffrey Dunne, Doug Rodio, Travis Langer and Dan Blumen- krantz of CBRE’s Institu- tional Properties Group rep- resented the owner, Keystone Property Group . Located at the intersection of Chest- nut Ridge Rd. and Tice Rd. - adjacent to Whole Foods, the property is 100% leased to Kiewit Infrastructure for their Regional Northeast Headquar- ters. Kiewit is one of North America’s largest engineering and construction organizations with $13.7B in revenue and over 28,000 employees. MAREJ
SOUTH JERSEY’S BEST CORPORATE OFFICE LOCATION LAUREL CORPORATE CENTER
The Laurel Corporate Center offers the perfect suburban office space environment with direct access to I-295 Exit 40 and NJ Route 38, close proximity to NJ Turnpike Exit 4, and a multitude of nearby dining and shopping amenities. Located just twenty-five minutes away from Philadelphia. Businesses are moving back to the ‘burbs.
SAMPLE AVAILABILITIES
6000 Midlantic Drive Mount Laurel, NJ 08054
Suite 600 N 16,209 sf
6000 Midlantic Drive Mount Laurel, NJ 08054
Suite 400 N 6,760 sf
8000 Midlantic Drive Mount Laurel, NJ 08054
Suite 60 S 3,369 sf
856-764-2600 | www.whitesellco.com | Industrial and Office Real Estate
Proudly Serving Southern New Jersey for Over 65 Years
Made with FlippingBook interactive PDF creator