Marcus & Millichap Closes $46 Million Retail and Office Portfolio Sale with Horizon Equities
January 24, 2023
TOMS RIVER, N.J., January 20, 2023--(BUSINESS WIRE)--Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of the Ocean County Middle Market Portfolio, a 10-property, 310,023-square-foot retail and office portfolio in the Ocean County, New Jersey townships of Toms River and Brick. The portfolio sold for $46 million.
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"Leased to over 100 tenants, the portfolio is 70% occupied, giving our buyer stable in-place cash flow and significant value-add opportunity through lease up of vacant units, which will immediately boost returns," said Alan Cafiero, senior managing director investments, Marcus & Millichap. "Part of the portfolio is located in Holiday City, an area of Toms River catering to a large population of senior citizens. The income from this portfolio is diversified by a large number of tenants, which mitigates risk." Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap, along with Brad Nathanson, IPA senior managing director investments, represented the seller, Edele Hovnanian, and procured the buyer, Horizon Equities.