CBRE recently announced the sale of Bay Plaza, Jackson Plaza and Lacey Mall in New Jersey. The three Ocean County shopping centers are all anchored by a ShopRite, the top supermarket in the region, and total more than 375,000 square feet. Pasbjerg Development Co., founded in 1958, developed and managed the portfolio. DRA Advisors acquired the properties in partnership with Soundwater Properties. CBRE’s National Retail Partners Mid-Atlantic team represented the seller in negotiating the deal.
“Our team was privileged to work alongside Pasbjerg Development through the disposition process. These assets were meticulously maintained and managed through the many years of successful ownership to the highest standard,” CBRE’s Chris Munley said. “DRA and Soundwater executed the acquisition process flawlessly. They were professional throughout and moved seamlessly from contract to close.”
“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. Additionally, at 94% occupancy, average tenant tenure of 25+ years and 80% of the income dedicated to national and credit tenancy, the assets provide exceptionally stable cash flow,” noted Colin Behr, also of CBRE.
Brett Gottlieb, Managing Director at DRA, 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.”
ShopRite is the top regional supermarket and the three shopping centers boast more than five million combined visitors. The median family income in the local market is more than $130,000. All three ShopRites in the transaction are run by the Saker family, who have been operating grocery stores for more than one hundred years. They currently own and operate 39 supermarkets across central New Jersey.
Lacey Mall located in Lacey Township at 344 US-9 is the largest property in the portfolio, totaling 173,988 square feet on 21.3 acres. The shopping center houses national tenants T.J. Maxx, Mattress Firm, Firestone, Hand & Stone, UPS, Dollar Tree, Dunkin’, Popeyes and Verizon Wireless.
Jackson Plaza at 260 North County Line Road in Jackson Township was built in 2002. The 114,753-square-foot site boasts major retail businesses including AT&T, Advance Auto Parts and McDonald’s.
Constructed in 1994, Bay Plaza occupies 87,721 square feet situated on 20.49 acres at Bay Plaza at 860 Fischer Boulevard in Toms River. The property features Citizens Bank, the Little Gym and Manhattan Bagel.
