New York & Tri-State + New Jersey + Retail | January 20, 2023

Marcus & Millichap closed the $46-million sale of 10 retail and office properties in the Ocean County communities of Brick and Toms River, NJ

Marcus & Millichap Closes Sale of 10-Property Portfolio Near Jersey Shore

Marcus & Millichap closed the sale of the Ocean County Middle Market Portfolio, a 10-property, 310,023-square-foot retail and office portfolio in the Ocean County, NJ townships of Toms River and Brick. The portfolio sold for $46 million.

“Leased to over 100 tenants, the portfolio is 70% occupied, giving our buyer stable in-place cash flow and significant value-add opportunity through lease up of vacant units, which will immediately boost returns,” said Alan Cafiero, senior managing director investments, Marcus & Millichap.

Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap, with Brad Nathanson, IPA senior managing director investments, represented seller Edele Hovnanian and procured the buyer, Horizon Equities.

“Although Horizon Equities is a national firm, we started in New Jersey and have 82 years of family history here,” said Joe Kotler, founder and managing partner of Horizon. “The people of Central Jersey matter to us and this acquisition reflects our concern.”

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Marcus & Millichap's Cafiero

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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