$11.5 Million Ocean County, NJ Shopping Center Sale Arranged by Marcus & Millichap

  

Michael Lombardi

 WHITING, NJ– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Whiting Town Center, an approximately 113,000-square-foot grocery-anchored town center in Whiting, N.J.

The $11.5 million sales price equates to $101 per square foot. Whiting Town Center includes pad sites, in-line retail space and medical office tenants. The center is anchored by Sav-a-Lot, Wells Fargo and Dollar General.

            Michael Lombardi, vice president investments, represented the seller, a New York City-based owner. The acquisition completes a 1031 exchange for the buyer, a Staten Island-based owner.

            “More than 30 percent of the center is leased to credit-rated tenants and many of the other tenants have been established in this location for more than 10 years, including some medical office tenants with well-established practices,” says Lombardi.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716