TOMS RIVER, NJ—Holliday Fenoglio Fowler arranged the $21.1 million sale of Commons at Hooper, a 120,349-square-foot community shopping center in the coastal community of Toms River, NJ.
HFF marketed the property in connection with bidding procedures approved by the United States Bankruptcy Court for the Southern District of New York in the Chapter 11 case of AC I Toms River, which was represented by A. Mitchell Greene, Esq. of the law firm of Robinson Brog Leinwand Greene Genovese & Gluck. Unison Realty Partners and ALTO Real Estate Funds purchased the asset free and clear of existing debt.
The 86-percent-leased Commons at Hooper is home to 21 tenants, including Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike's and Citi Financial. The center was built in 1987 and has a pad site for future development. Commons at Hooper is situated on 14.63 acres at 1350 Hooper Avenue, a major retail corridor in Ocean County with an average daily traffic volume of approximately 40,000 vehicles per day.
The HFF investment sales team representing the seller included senior managing director José Cruz, managing director Kevin O'Hearn, senior directors Michael Oliver and Stephen Simonelli and director Marc Duval.
“The value-add opportunities in well-located retail markets in the Garden State are in very high demand these days,” Cruz says. “This deal has a significant amount of upside in the leasing and potential repositioning.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
