Adam Zweibel, vice president, Gebroe-Hammer Associates, and Aldrich 9 Plaza, Howell Township, NJ (Photo composite)
HOWELL TOWNSHIP, NJ—Aldrich 9 Plaza, a 28,660-square-foot neighborhood retail center in Howell, NJ, has been sold for $6.422 million in a transaction arranged by Gebroe-Hammer Associates' president Ken Uranowitz and vice president Adam Zweibel. The firm exclusively represented the seller, Aldrich Nine Associates and procured the buyer, Aldrich III.
“The entire retail sector has undergone a metamorphosis as it continues to successfully adapt to new experiential spending habits,” says Uranowitz. “Well-located consumer and lifestyle hubs like Aldrich 9 Plaza have demonstrated their true resilience – and favorability among investors – by offering a balance of services like fast-casual dining, health and wellness, entertainment and education alongside traditional shopping.”
Located on US Route 9 North between Aldrich Road and Moroz Street, the single-story multi-tenant center abuts and is contiguous with Aldrich Plaza Shopping Center. Aldrich 9 Plaza is anchored by Walgreens and Aldrich Plaza by a Bed Bath & Beyond.
“Conveniently located at one of the busiest intersections in the Howell trade area, Aldrich 9 Plaza was fully occupied at the time of sale with a nicely balanced tenant roster,” says Zweibel, Gebroe-Hammer's Central Jersey market specialist.
Built in 1988, Aldrich 9 Plaza includes the 15,167 square-foot Walgreens; the 10,393 square-foot Howell Medical Pavilion/RJWBarnabas Health; and 3,100 square-foot Big City Bagels. According to Zweibel, more than 47,000 vehicles pass the property each day along Route 9 and nearly 136,000 people reside within a five-mile radius of the shopping center.
Monmouth County is a historically strong retail submarket and home to some of the state's prominent top-performing shopping centers. These include Freehold Raceway Mall in Freehold and Jersey Shore Premium Outlets in Tinton Falls.
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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].
