RIPCO Real Estate recently handled the sale of Bey Lea Plaza, a multitenant shopping center located at 1030 Hooper Ave. in Toms River, for $8.75 million.
Acquired by Paramount Realty from Marx Realty, the 79,362-square-foot property is conveniently located directly across from the Ocean County Mall. (This sale does not include the Burlington and Steals & Deals buildings, as they are owned separately.) The buyer plans to work with the local municipality along with architects and engineers to redevelop and reposition the site.
Steven Winters and Mike Horne of RIPCO handled the transaction.
Current tenants include PetSmart, Vitamin Shoppe, Wells Fargo, Encore Dental, Friendly’s and Lane Bryant, and the center is shadow anchored by Burlington.
“Located along Hooper Avenue across from Ocean County’s only regional mall, Bey Lea Plaza is in the heart of the Toms River retail trade area, serving a population of over 160,000 within a five-mile radius. With a variety of national retailers, we are confident with its bull’s-eye location and the improvements that Paramount Realty is planning that this shopping plaza will continue to attract both local and national businesses as well as a high volume of visitors,” Winters, an executive vice president at RIPCO, stated.