JDA Group LLC is expanding into the Ocean County retail real estate market with the acquisition of a TD Bank Retail Site in Lacey Township for $5.96 million, according to a Tuesday announcement from the firm.
Located at 106 N. Main St., the two-acre site is situated at the corner of Lacey Road and Route 9 in the Forked River section of the township. It is fully leased to TD Bank, which maintains a 6,000-square-foot retail bank facility with four drive-through lanes. The property has in-place approvals for up to 5,000 square feet of additional retail gross leasable area.
The purchase aligns the Hoboken-based development firm’s strategic plan to expand its portfolio with income-producing assets — especially those that carry future development opportunity — in the greater New York/New Jersey region.
Anthony D’Ambrosia of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the off-market transaction. JDA handled the deal directly and has tapped Jason Pierson of Pierson Commercial Real Estate as the property’s leasing agent.
“We are growing from our traditional northern New Jersey base with this acquisition, yet it represents a natural next step in our long-term growth plan,” said JDA CEO Gregory Dell’Aquila. “Single tenant, triple-net-lease properties are known for their stability and resilience regardless of market conditions. Aside from giving us the opportunity to acquire our first stand-alone retail property in Ocean County, this income-producing asset aligns perfectly with our company’s strategic plan for expanding regionally, seeking redevelopment opportunities and building deeper relationships with retailers.”
The 106 N. Main St. property is well-located along Route 9 and near the Garden State Parkway in the heart of Ocean County. It sits in an area that lacks retail banking resources and is home to a large senior citizen population, which was a key consideration in the acquisition, according to Timothy Connell, vice president of JDA.
“Drive-through service has long been a desirable feature of highway retail, and, over the past two years during the pandemic, these establishments have proven their worth,” Connell noted. “Further, many older adults still prefer face-to-face interactions at branch locations, and Ocean County is underserved for retail banking locations.”