AZ Company Buys Four NJ Shopping Centers Totaling 400,000 SF

KENILWORTH, NJ-With the locally based Kay Realty Services as its partner, the Tucson, AZ-based Holualoa Cos. has entered the Garden State’s retail real estate market in a big way, snapping up four community shopping centers totaling just under 400,000 sf. Company officials would not disclose the sale price nor the identity of the sellers.

And Holualoa is calling its latest acquisition the “Parkway Portfolio,” because all four properties are located just off the Garden State Parkway in South Jersey’s Ocean and Atlantic counties. Kay Realty Services will lease and manage for newly acquired assets.

“We saw a tremendous opportunity in New Jersey because the scarcity of developable land is creating growth pressure well south of the established suburban settlement pattern,” explains Michael Perlman, a Holualoa VP. Though transplanted to the West Coast for 20 years, Perlman is Brooklyn, NY-born and a longtime New Jersey resident who has “caught up to current events quickly in preparing my acquisition strategy.”