AEW Sells NJ Retail Center for $42M
- Jun 05, 2018
AEW Capital Management has disposed of Wall Towne Center, a 99,070-square-foot retail center in Wall Township, N.J. DWS Group purchased the property for $41.5 million and free of debt.
ShopRite anchors the fully occupied building, which includes a diverse roster of tenants. Great Clips, AT&T, GNC, Allstate Insurance, Cherry Blow Dry Bar, OceanFirst Bank, Lubrano’s Trattoria and PetValu are among the 12 tenants of the asset. Built in 1997, the shopping center underwent renovations in 2017, following ShopRite’s space expansion. Levin Management Corp. handles management services for the property. The same company manages a 120,350-square-foot shopping center in Toms River, N.J.
Wall Towne Center spreads across 11.8 acres at 2433-2445 Route 34 and is the only grocery-anchored shopping center in the area. Major thoroughfares such as routes 35, 70 and 34 provide easy access to and from Manasquan, Point Pleasant, Bric and Brielle.
An HFF team comprising Senior Managing Director Jose Cruz, Managing Directors Kevin O’Hearn and Chris Munley and Senior Directors Michael Oliver and Stephen Simonelli represented the seller in the transaction.
“The investment market responded very favorably to Wall Towne Center given the ShopRite sales, location and surrounding demographics,” said Cruz, in a prepared statement. “We continue to see demand for high-quality retail throughout New Jersey.”
Image courtesy of Levin Management Corp.