A 40,050-square-foot retail center in Toms River sold for $9.25 million.
James McGuckin, regional manager of Marcus & Millichap‘s New Jersey office, announced the sale of West Hills Plaza Nov. 21.
Investment specialists Alan Cafiero, Brent Hyldahl and Seth Goldberg exclusively listed and marketed the property on behalf of the seller, an individual/personal trust, in addition to securing the buyer, a limited liability company.
At the time of sale the property was 96% occupied.
“There was a great amount of interest in this site from the investment community due to its prime location and high traffic counts,” Goldberg said in a statement. “The Investors Bank branch, now Citizens Bank, has over $300 million in deposits. Navigating through the volatile financing environment was challenging but buyer and seller worked together to ultimately close the deal.”
Other tenants at the center located at 864 Route 37 include NJ Community Spine, Atlantic Medical Imaging, Alphabets Daycare and H&R Block.
According to Matthew Harding, CEO of Levin Management Corp. in North Plainfield, “brick-and-mortar retail in New Jersey is having a moment.”
“For the first time since 2017, retailers opened more physical stores than they closed nationwide in 2021, an achievement trade association ICSC reports is on course for a repeat in 2022.” Read more.