August 23, 2019
Marcus & Millichap is marketing Greenleaf at Howell, a newly-constructed, open-air community center in the shore neighborhood of Howell Township, NJ. The asking price is $78.5 million.
“Currently 100% occupied, Greenleaf at Howell is an exceptional, core-plus asset with the opportunity to add value through the development of an additional 117,505 square feet of entitled commercial space,” said Karly Iacono, VP investments in Marcus & Millichap’s New Jersey office.
The center contains 228,664 square feet of built-out space, occupied by tenants including BJ’s Wholesale Club, LA Fitness and Xscape Theatres. “National, regional and credit tenants account for 85% of the center’s NOI,” Iacono said.
Iacono and Bill Rose, senior managing director, are representing seller Sun Equity Partners. Brian Hosey is Marcus & Millichap’s broker of record in New Jersey.
Built between 2015 and 2019, Greenleaf at Howell benefits from both its location and favorable demographics that continue trending upward.
For comments, questions or concerns, please contact Paul Bubny