April 22, 2022 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of Kristi Plaza in Manahawkin, New Jersey. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $2,100,000.
Kristi Plaza is located at 1636 NJ Route 72 in Manahawkin, New Jersey. The multi-tenant retail center contains 7,200 square feet of gross leasable area on a 1.06-acre corner lot. The Property is currently 100% leased to six (6) tenants, with a diverse tenant profile, including a convenience store, pizza restaurant, Chinese food restaurant, deli, barber shop, and an electronics repair shop. All of the leases in the center are double net and feature attractive fixed rent increases throughout the primary lease terms and renewal options. Kristi Plaza sits on a 1.06-acre corner lot at the intersection of Barnegat Road (NJ Route 72) and Hull Road with two points of access. The Property sits at one of the gateways to Ocean Acres, an unincorporated community in Ocean County. As of the 2020 US Census, the population was 17,333. Ocean Acres is located in the northwestern end of Stafford Township and part of Barnegat Township, and is the newest and biggest part of both communities, with approximately 5,500 lots in an area of 6 square miles.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.