Toms River Shopping Center Sold For $2.1 Million

TOMS RIVER, NJ — The Commons at Hooper, home to Michael's, DSW, Dollar Tree and several smaller stores, has been sold, according to a news release.

The 120,349-square-foot shopping center on Hooper Avenue had been the subject of bankruptcy proceedings, according to the release from Holliday Fenoglio Fowler, L.P. It was sold to Unison Realty Partners in partnership with ALTO Real Estate Funds for $2.1 million, the release said.

"The HFF team marketed the property in connection with bidding procedures approved by the United States Bankruptcy Court for the Southern District of New York in the Chapter 11 case of AC I Toms River LLC," the release said.

Unison Realty Partners is a private equity real estate firm based in Boston that focuses on "middle-market retail investing," that has more than $180 million of shopping center space, totaling 1.5 million square feet across 13 properties.

The 86-percent-leased Commons at Hooper also is home to Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s and Citi Financial. Built in 1987, Commons at Hooper sits on 14.63 acres at 1350 Hooper Avenue.

“The value-add opportunities in well-located retail markets in the Garden State are in very high demand these days,” said Jose Cruz, senior managing director of HFF. “This deal has a significant amount of upside in the leasing and potential repositioning.”

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