Paramount Realty Acquires Whiting Commons
A partnership of Lakewood, NJ based Paramount Realty Services, Inc. and New Hyde Park based Kimco Realty has acquired the brand new 105,000 square foot Whiting Commons shopping center located on the corner of State Highway Route 70 and Route 539 in Whiting (Manchester Township), New Jersey. The Seller of the Property was a partnership of Orlando, Florida based National Retail Properties and PA based RONCO Development. The Seller was represented by Paul Rumley of Metro Commercial Real Estate based in Mt. Laurel, NJ.
Whiting Commons is a brand new grocery-anchored center tenanted by a 10,000 square foot Super Stop & Shop, Subway, H&R Block, Hair Cuttery, Ocean County Library, Wawa, Wendy's, Ocean First Bank, and a few fully-approved pad sites. Tenants are scheduled to open for business next month. The Stop & Shop is relocating from a smaller yet high-performing store located about 1 mile south of Whiting Commons. This center is now considered the dominant shopping center in Manchester, NJ. Manchester prides itself on its active-adult and senior lifestyle communities.
According to Maurice Zekaria, Co-President of Paramount Realty, This property is in an irreplaceable location strategically positioned on the heavily traveled Route 70, only about 10 miles from Paramount Realty's headquarters. We truly believe in this asset and are very excited to add this center to our portfolio of over 2,500,000 square feet of commercial properties. This is a long-term hold, much like the majority of our acquisitions and upside value-add opportunity exists upon lease up of the approved pad sites. This marks Paramount Realty's first Institutional Partnership, and what better company to make a strategic alliance with then Kimco Realty.
Paramount owns another Super Stop & Shop anchored shopping center less than 10 miles east on the same Route 70 corridor.