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The New Jersey retail sector continues to generate activity, with announcements of three shopping centers recently changing hands.

Last week, Cushman & Wakefield said it arranged the sale of Smithville Square to Western Building Co. for $13.7 million. Located at 45 S. New York Road in Galloway, the retail property comprises 106,931 square feet.

CushWake Executive Director Frank DiTomasso, Managing Director Andy Schwartz, Director Jordan Sobel, Associate Director Max Helfman, Senior Associate Andre Balthazard and Associate Dan Bottiglieri represented the seller, Clifton-based P3 Properties.

P3 acquired Smithville Square in 2016 for $4.1 million. At the time, the neglected property, built in 1975, was 45% occupied. Throughout its tenure as owner, P3 has increased occupancy to 97%, successfully executing a value-add strategy and attracting national tenants, such as Dunkin’ and Pet Valu. Curexa Pharmacy currently anchors the center.

“This transaction underscores the continued demand for stabilized retail assets in growing markets with strong demographics,” commented Sobel. “Smithville Square is a prime example, offering a value-add opportunity in a thriving retail corridor.”

With frontage on Route 9 – and just 4 miles from Exit 44 on the Garden State Parkway – Smithville Square sits on 26 acres.

According to its website, N.Y.-based Western Building Co.’s portfolio also includes two industrial properties located in Ledgewood and Fairfield, N.J.

TFE

In Fair Lawn, East Windsor-based TFE Properties LLC purchased three retail buildings centrally located in the Bergen County municipality.

Situated on more than 6 acres, the properties total 93,000 square feet and include:

• A former Walgreens building – 18,825 square feet
• A multi-tenant retail building – 18,900 square feet
• A former ShopRite building – 54,800 square feet

According to TFE Properties President Carey Tajfel, the acquisition marks the firm’s first in Bergen County. “Fair Lawn is a community with strong income levels and great demographics. We’re excited to expand our portfolio in this established neighborhood,” he said.

With a track record of repositioning distressed properties for success, Tajfel described next steps for the trio of buildings.

“We plan to upgrade the façade of the multitenant building and former ShopRite to give the center a fresh, clean, modern appearance,” he said. “The former ShopRite is only 25 years old and is in excellent condition. It’s a great location for another grocer or medical office space.”

Available spaces range from 1,100 square feet to 54,800 square feet, TFE said. Leasing information is available from the firm.

FNRP

Down in Ocean County, First National Realty Partners added the 87,735-square-foot Waretown Town Center to its portfolio, the Red Bank firm recently announced.

A tenant for more than 15 years, the center is anchored by a more than 60,000-square-foot ShopRite supermarket. Rounding out the tenant roster is a dynamic mix of services, including from Hackensack Meridian Health, Shores Smiles Dentistry, Saladworks and Great Clips.

“We are thrilled to add Waretown Town Center to our growing portfolio,” commented FNRP Chief Investment Officer Mike Hazinski. “This market-dominant asset highlights our strategic approach to acquiring high-quality shopping centers in strong retail corridors.”

Hazinski cited the preference for grocery-anchored retail assets “due to a phenomenal operating environment with robust tenant demand coupled with limited new supply.” According to Placer.ai data, Waretown Town Center recorded nearly 118,000 visits in July 2024.

CBRE Senior Vice President Colin Behr and Executive Vice President Chris Munley represented the unnamed seller in this transaction.

The center offers high visibility and access to a customer base of more than 73,000 people. FNRP put the area average household income at more than $132,000 within a 15-minute drive.