By Corina Stef
ALTO Real Estate Funds and Unison Realty Partners have selected Levin Management Corp. (LMC) to lease and manage its recently purchased Commons at Hooper. LMC’s Jordan Korris will handle the leasing operations for the 120,350-square-foot community shopping center in Toms River, N.J.
The property is located on more than 14.5 acres at 1350 Hooper Ave. It is anchored by Michaels and DSW Designer Shoe Warehouse, but houses 21 retail, restaurant and service tenants, including Dollar Tree, Mattress Firm, Hand & Stone Massage and Facial Spa, Dress Barn and Jersey Mike’s. Additionally, the transit-oriented retail center is situated in an area with a daily traffic count of more than 41,000 vehicles. It is also located one-half mile north of Ocean County Mall, one hour from New York City and one hour from Philadelphia.
Upcoming capital improvements
The new owners purchased the property in September through a bankruptcy auction for $21.1 million. Their value-add strategy includes investment in capital improvements, facade renovation and the leasing of the vacant units.
“Our plan involves updating this property and generally making it a more attractive shopping environment,” LMC Executive Vice President Robert Carson said in a prepared statement. “Commons at Hooper already is home to strong tenants, and our leasing efforts will build upon that by rounding out the mix with additional diversified, high-quality retailers and services.”
In a recent deal, ALTO Real Estate Funds disposed of a shopping center in Chula Vista, Calif., the Smart & Final and Aldi-anchored Gateway Marketplace.
Image courtesy of Levin Management Corp.