Horizon Equities pays $46m for retail, office portfolio
Horizon Equities has acquired the Ocean County Middle Market Portfolio, a 10-property, 310,023-square-foot retail and office portfolio in the Ocean County, N.Y., townships of Toms River and Brick. The portfolio sold for $46 million.
“Leased to over 100 tenants, the portfolio is 70 percent 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, which served as the brokerage firm for the sake. “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.”
The seller was Edele Hovnanian.
Minutes from Jersey Shore and near major employment centers in Philadelphia and New York City, the properties are accessible from