CBRE Arranges Sale of 376,462-Square-Foot ShopRite-Anchored Shopping Center Portfolio in New Jersey

Jackson Township, Lacey Township and Toms River, N.J. — CBRE has arranged the sale of a portfolio comprising three grocery-anchored shopping centers located in Ocean County, roughly 50 miles east of Philadelphia. Pasbjerg Development Co., which developed and managed the properties, was the seller. ShopRite anchors the properties, which include Bay Plaza in Toms River, Jackson Plaza in Jackson Township and Lacey Mall in Lacey Township. Other tenants at Lacey Mall, which totals 173,988 square feet, include T.J. Maxx, Mattress Firm, Firestone, Hand & Stone, UPS, Dollar Tree, Dunkin’, Popeyes and Verizon Wireless. Tenants at Jackson Plaza, which was built in 2002 and comprises 114,753 square feet, include AT&T, Advance Auto Parts and McDonald’s. Bay Plaza was built in 1994. Tenants at the 87,721-square-foot center include Citizens Bank, Little Gym and Manhattan Bagel. The portfolio was roughly 94 percent leased at the time of sale. Chris Munley, Colin Behr, Ryan Sciullo, Casey Smith, RJ Mirabile and Michael Pascavis of CBRE represented the seller in the transaction.