Marcus & Millichap Brokers $46 Million Sale of New Jersey Commercial Portfolio

Toms River and Brick, N.J. — Marcus & Millichap has brokered the $46 million sale of the Ocean County Middle Market Portfolio, a collection of 10 commercial properties totaling 310,023 square feet that are located in the Southern New Jersey cities of Toms River and Brick. The portfolio comprises five multi-tenant retail properties, two medical office buildings and three net-leased retail assets, one of which is vacant. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap, along with Brad Nathanson of Institutional Property Advisors, represented the seller, private investor Edele Hovnanian, in the transaction. The team also procured the buyer, Horizon Equities. At the time of sale, the portfolio was leased to more than 100 tenants and had a collective occupancy rate of 70 percent.