A DRA Advisors-managed fund acquired a portfolio comprising three grocery-anchored shopping centers in Ocean County.
CBRE announced the sale Oct. 16. Totaling 376,462 square feet, the properties include:
- Bay Plaza, 860 Fischer Blvd., Toms River
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- Built in 1994; 87,721-square-foot shopping center on 20.49 acres
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- Jackson Plaza, 260 N. County Line Road, Jackson Township
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- Built in 2002; 114,753 square feet
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- Lacey Mall, 344 U.S. 9, Lacey Township
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- 173,988-square-foot shopping center on 21.3 acres.
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Springfield-based Pasbjerg Development Co., which was founded in 1958, developed and managed the properties. The CBRE National Retail Partners Mid-Atlantic team of Executive Vice Presidents Chris Munley and Ryan Sciullo, Senior Vice President Colin Behr, Vice President Casey Smith, and Associates RJ Mirabile and Michael Pascavis spearheaded the marketing campaign for the portfolio and represented the seller in the negotiations.
‘Exceptionally stable cashflow’
“This portfolio offered investors an opportunity to acquire a best-in-class portfolio anchored by the dominant grocer in the region, ShopRite, doing phenomenal sales,” commented Behr. “Additionally, at 94% occupancy, average tenant tenure of 25-plus years and 80% of the income dedicated to national and credit tenancy, the assets provide exceptionally stable cashflow.”
According to CBRE, area median family income is upwards of $130,000.
DRA Advisors Managing Director Brett Gottlieb said, “We are excited to partner with Soundwater on this portfolio acquisition. These well-located grocery centers, anchored by dominant ShopRite stores with an excellent operator, are a great addition to our national retail portfolio.”
In addition to ShopRite, other recognizable retailers located across the portfolio include UPS, Dunkin’, McDonalds, Citizens Bank, Manhattan Bagel, T.J. Maxx and others. Saker ShopRites operates the trio of grocery stores, CBRE said. The family-owned business has operated grocery stores since 1916. Currently, Saker owns and operates 39 ShopRites across Central New Jersey.
CBRE said Eastman Cos. was also integral to the acquisition. That company will lead property management, accounting and construction functions throughout the portfolio, according to the announcement.
Working together
The seller commended the CBRE team on the transaction. “We have sold many retail properties and shopping centers for others, but one of our best decisions ever was to bring in the Munley, Behr team of CBRE. They exceeded our expectations which most who know us would agree this was a herculean task in of itself,” commented Steve Nussbaum and Geoff Adler of Pasbjerg Development Co.
“Our team was privileged to work alongside Pasbjerg Development though the disposition process. These assets were meticulously maintained and managed through the many years of successful ownership to the highest standard,” Munley stated. “DRA and Soundwater Properties executed the acquisition process flawlessly.”
According to CBRE, Soundwater will serve as operating partner of the properties.
