First National Realty Partners, a national private equity commercial real estate firm based in Red Bank, said Thursday that it acquired Waretown Town Center, an 87,735-square-foot grocery-anchored shopping center strategically located in Waretown for $14.2 million.
This acquisition marks FNRP’s seventh shopping center in New Jersey, reinforcing the firm’s presence in the state.
The CBRE National Retail Partners Mid-Atlantic team of Chris Munley, executive vice president; Colin Behr, senior vice president; Ryan Sciullo, executive vice president; H. Casey Benson Smith, vice president; RJ Mirabile, associate; and Michael Pascavis, associate, spearheaded the marketing campaign for the property and represented the seller in the negotiations.
Waretown Town Center is anchored by a 60,800-square-foot ShopRite and joined by a diverse mix of tenants, including Hackensack Meridian Health, Shore Smiles Dentistry, Saladworks and Great Clips.
“We are thrilled to add Waretown Town Center to our growing portfolio,” Mike Hazinski, chief investment officer at FNRP, said. “This market-dominant asset highlights our strategic approach to acquiring high-quality shopping centers in strong retail corridors.”
“We continue to see exceptional demand for grocery anchored assets throughout the country,” Behr said. “With ShopRite being the dominant grocer in New Jersey, this was an extremely competitive process and a complicated transaction in a volatile debt market. We are grateful all sides worked effectively together to get this one across the finish line.”
Strategically located along the Jersey Shore Line, the shopping center offers high visibility and convenient access to a customer base of over 73,000 people with an average household income exceeding $132,000 within a 15-minute drive.
“Grocery-anchored retail continues to be a preferred asset class due to a phenomenal operating environment with robust tenant demand coupled with limited new supply,” Hazinski said.
Colin Behr and Chris Munley at CBRE represented the seller in this transaction.
