{"id":1004733455,"date":"2024-10-17T04:27:59","date_gmt":"2024-10-17T12:27:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004733455"},"modified":"2024-10-17T06:20:55","modified_gmt":"2024-10-17T14:20:55","slug":"dra-advisors-jv-buys-new-jersey-grocery-anchored-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dra-advisors-jv-buys-new-jersey-grocery-anchored-portfolio\/","title":{"rendered":"DRA Advisors JV Buys New Jersey Grocery-Anchored Portfolio"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Lacey-Mall-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004733462\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lacey-mall-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Lacey-Mall-edited-e1729167289396.jpg\" data-orig-size=\"1200,901\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;10&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6m2&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1711132832&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;14&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.016666666666667&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Lacey Mall\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Lacey-Mall-edited-e1729167289396.jpg?w=1024\" height=\"769\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Lacey-Mall-edited.jpg\" alt=\"Exterior shot of Lacey Mall, a shopping center in Lacey Township, N.J.\" class=\"wp-image-1004733462\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">Lacey Mall encompasses nearly 174,000 square feet of retail space. <em>Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A fund managed by DRA Advisors, in conjunction with Soundwater Properties, has acquired a three-property, 376,462-square-foot shopping center portfolio in Ocean County, N.J. Each center is anchored by a ShopRite store. Pasbjerg Development Co., which had developed and managed the properties, sold them in a transaction arranged by CBRE.<\/p>\n\n\n\n<p>The portfolio comprises Bay Plaza at 860 Fischer Blvd. in Toms River, Jackson Plaza at 260 N. County Line Road in Jackson Township, and Lacey Mall at 344 US-9 in Lacey Township. The properties were 94 percent leased at the time of sale.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/shopping-changed-dramatically-retail-design-is-one-step-ahead\/\">Shopping Changed Dramatically. Retail Design Is One Step Ahead.<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>At 173,988 square feet, Lacey Mall is the largest center of the three assets. In addition to ShopRite, it has national tenants such as T.J. Maxx, Mattress Firm, Firestone, Hand &amp; Stone, UPS, Dollar Tree, Dunkin&#8217;, Popeyes and Verizon Wireless.<\/p>\n\n\n\n<p>The 114,753-square-foot Jackson Plaza was completed in 2002 and features national retail tenants AT&amp;T, Advance Auto Parts and McDonald\u2019s. Bay Plaza was built in 1994 and totals 87,721 square feet.<\/p>\n\n\n\n<p>Eastman Cos. will lead property management, accounting and construction functions for the portfolio. The three locations see more than 5 million annual visits combined and the median family incomes in their respective trade areas are more than $130,000.<\/p>\n\n\n\n<p>The CBRE National Retail Partners Mid-Atlantic team of Chris Munley, Colin Behr, Ryan Sciullo, Casey Smith, RJ Mirabile and Michael Pascavis marketed the properties and represented the seller. Behr said, in prepared remarks, that the tenant tenure averages 25-plus years and 80 percent of the portfolio\u2019s income derives from national and credit tenants. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-undeniable-progress\">Undeniable progress<\/h2>\n\n\n\n<p>At the <a href=\"https:\/\/www.commercialsearch.com\/news\/icsc-las-vegas-special-report-retail-belle-of-the-ball-once-more\/\">ICSC Las Vegas conference this past May<\/a>, multiple attendees told <em>Commercial Property Executive<\/em> that the retail sector is in better shape than it has been in years.<\/p>\n\n\n\n<p>\u201cThis is the first time people are saying \u2018optimistic\u2019 without putting \u2018cautious\u2019 in front of it,\u201d Kristin Mueller, president of JLL\u2019s Retail Property Business, told <em>CPE<\/em>.<\/p>\n\n\n\n<p>Daniel Taub, national director of Marcus &amp; Millichap\u2019s Retail Division and Net Lease Division, said, \u201cYou have now been experiencing 10-plus years of very little to no net new development; therefore, existing retail real estate has become more valuable, because there\u2019s less new product.\u201d <\/p>\n\n\n\n<p>That upbeat tone was reinforced in August, with the release of <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-owners-gain-leverage-in-jll-report\/\">JLL\u2019s second-quarter U.S. retail outlook<\/a>. The report tallied a surge in retail net absorption of 75.4 percent quarter-over-quarter to 7.7 million square feet, most notably in community centers, lifestyle centers and Class C malls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CBRE arranged the sale of three Ocean County shopping centers.<\/p>\n","protected":false},"author":882,"featured_media":1004733462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,10,21749],"tags":[32789,38653,33919,37514],"class_list":["post-1004733455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-northeast","category-retail","tag-cbre","tag-chris-munley","tag-dra-advisors-llc","tag-eastman-companies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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