Institutional Property Advisors Brokers Sale of Dominant New Jersey Power Center
November 30, 2022
WEST LONG BRANCH, N.J., Nov. 30, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Consumer Centre, a 293,087-square-foot power center located at 310 Route 36 in West Long Branch, New Jersey. West Long Branch is in Monmouth County, an immediate bedroom community serving New York City. The sales price is approximately $63 million, or $215 per square foot.
“Institutionally owned by Site Centers, a publicly traded real estate investment trust (NYSE: SITC), for almost 20 years, Consumer Centre is one of the many outstanding power centers within their core metro market portfolio in NYC,” said Brad Nathanson, IPA senior managing director. “Currently 96% occupied, the property is anchored by one of the top-performing Home Depots in the region, operating out of 101,150 square feet, which has been a tenant since the center was constructed in 1993.” Nathanson represented the seller, Site Centers Inc. and identified the buyer, Paramount Realty Services.
“Consumer Centre is arguably the best-located and tenanted shopping center on the vibrant Route 36 corridor of Central New Jersey, anchored by a first-class roster of tenants including Dick’s Sporting Goods, Buy Buy Baby, Ulta, DSW, PetSmart, and Five Below, attracting over 2 million visits in the previous 12 months, according to Placer.ai,” Nathanson continued. “There is tremendous demand for dominant power centers nationally, given the rebound in the markets post-COVID and the resiliency of value-oriented junior box retail. In fact, demand is outpacing the supply of premier, high-performing primary market assets like Consumer, especially with high construction costs and supply shortages that have put a damper on new retail construction within the recent past. We will have seen more power centers that have traded in the past 18 months versus the previous three years, given the rebound in the sector,” Nathanson concluded. John Horowitz, first vice president and division manager is Marcus & Millichap’s broker of record in New Jersey.
“Institutionally owned by Site Centers, a publicly traded real estate investment trust (NYSE: SITC), for almost 20 years, Consumer Centre is one of the many outstanding power centers within their core metro market portfolio in NYC,” said Brad Nathanson, IPA senior managing director. “Currently 96% occupied, the property is anchored by one of the top-performing Home Depots in the region, operating out of 101,150 square feet, which has been a tenant since the center was constructed in 1993.” Nathanson represented the seller, Site Centers Inc. and identified the buyer, Paramount Realty Services.
“Consumer Centre is arguably the best-located and tenanted shopping center on the vibrant Route 36 corridor of Central New Jersey, anchored by a first-class roster of tenants including Dick’s Sporting Goods, Buy Buy Baby, Ulta, DSW, PetSmart, and Five Below, attracting over 2 million visits in the previous 12 months, according to Placer.ai,” Nathanson continued. “There is tremendous demand for dominant power centers nationally, given the rebound in the markets post-COVID and the resiliency of value-oriented junior box retail. In fact, demand is outpacing the supply of premier, high-performing primary market assets like Consumer, especially with high construction costs and supply shortages that have put a damper on new retail construction within the recent past. We will have seen more power centers that have traded in the past 18 months versus the previous three years, given the rebound in the sector,” Nathanson concluded. John Horowitz, first vice president and division manager is Marcus & Millichap’s broker of record in New Jersey.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.