CBRE Group Inc. (NYSE:CBRE) announced the $14.2 million sale of Waretown Town Center, an 87,735-square-foot shopping center in Waretown, New Jersey.
The property is located along the Route 9 commuter thoroughfare and is 96% leased, with ShopRite as the anchor store. Other retail tenants at the complex include, Harvest Buffet, Shore Smiles Dental, Joe’s Bagel and Grill, Saladworks, Great Clips, Oxford Cleaners and Ocean First Bank.
First National Realty Partners acquired the complex from Chancellor Development.
“We continue to see exceptional demand for grocery anchored assets throughout the country,” said CBRE Executive Vice President Colin Behr, who was part of the team representing the seller and marketing the property. “With ShopRite being the dominant grocer in New Jersey, this was an extremely competitive process and a complicated transaction in a volatile debt market. We are grateful all sides worked effectively together to get this one across the finish line.”
