New York & Tri-State + New Jersey + Retail | December 6, 2022

Monmouth Power Center Fetches $63M

Institutional Property Advisors (IPA), a division of Marcus & Millichap, recently closed the sale of Consumer Centre, a 293,087-square-foot power center located at 310 Route 36 in Monmouth County’s West Long Branch, NJ. The sales price was approximately $63 million, or $215 per square foot.

“Institutionally owned by Site Centers, a publicly traded REIT, for almost 20 years, Consumer Centre is one of the many outstanding power centers within their core metro market portfolio in NYC,” said Brad Nathanson, IPA senior managing director. “Currently 96% occupied, the property is anchored by one of the top-performing Home Depots in the region, operating out of 101,150 square feet, which has been a tenant since the center was constructed in 1993.”

Nathanson represented Site Centers and identified the buyer, Paramount Realty Services.

John Horowitz, first VP and division manager is Marcus & Millichap’s broker of record in New Jersey.

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Inside The Story

IPA's Nathanson

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).