Howell, NJ, August 23, 2018 – Aldrich 9 Plaza, a 28,660-square-foot neighborhood retail center in Howell, N.J., has been sold for $6.422 million in a transaction arranged by Gebroe-Hammer Associates’ President Ken Uranowitz and Vice President Adam Zweibel. The firm exclusively represented the seller Aldrich Nine Associates LLC and procured the buyer, Aldrich III LLC.
Located on U.S. Route 9 North between Aldrich Road and Moroz Street, the single-story multi-tenant center abuts and is contiguous with Aldrich Plaza Shopping Center. The former is anchored by Walgreens and the latter by a Bed Bath & Beyond.
“Conveniently located at one of the busiest intersections in the Howell trade area, Aldrich 9 Plaza was fully occupied at the time of sale with a nicely balanced tenant roster,” said Zweibel, the firm’s Central Jersey market specialist.
Built in 1988, Aldrich 9 Plaza includes the 15,167 SF Walgreens; 10,393 SF Howell Medical Pavilion/RJWBarnabas Health; and 3,100 SF Big City Bagels. According to Zweibel, more than 47,700 vehicles pass the property each day along Route 9 and over 135,934 people reside within a five-mile radius of the shopping center.
Monmouth County is a historically strong retail submarket and home to some of the state’s prominent top-performing shopping centers. These include Freehold Raceway Mall in Freehold and Jersey Shore Premium Outlets in Tinton Falls.
“The entire retail sector has undergone a metamorphosis as it continues to successfully adapt to new experiential spending habits,” said Uranowitz. “Well-located consumer and lifestyle hubs like Aldrich 9 Plaza have demonstrated their true resilience – and favorability among investors – by offering a balance of services like fast-casual dining, health and wellness, entertainment and education alongside traditional shopping.”
Gebroe-Hammer has been marketing mixed-use and free-standing retail and office properties throughout its 43-year history. The firm also is the acknowledged brokerage leader specializing in suburban and high-rise, mid-rise and garden-apartment properties throughout the New Jersey, Northeastern Pennsylvania and New York State region. The company provides innovative services to a wide range of private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, Gebroe-Hammer is a 14-time CoStar Power Broker.