97,000-SF Shopping Center Sells for $11M

LAKEWOOD, NJ-Fair Oak LLC has sold its 97,522-sf Seagull Square Shopping Plaza to a local group in a transaction arranged for the seller by GMH Capital Partners of Newtown Square, PA. The identity of the buyer and the sale price were not disclosed, however, documents filed with the Ocean County clerk’s office identify the buyer as the locally based Ocean Realty 101 LLC, and the sale price as $10.7 million. The latter computes to just under $110 per sf.

The new owner plans a major repositioning of the shopping center, according to Bill Tourtellotte of GMH Capital Partners, who with the firm’s Shawn Lubic arranged the transaction for Fair Oak. But before that can happen, legal action against Fair Oak and its management agent for the center, Metro Commercial Management Services, has to be resolved.