Bay Plaza, built in 1994, measures 87,721 square feet on 20.49 acres, while Jackson Plaza, constructed in 2002, spans 114,753 square feet, and Lacey Mall covers 173,988 square feet on 21.3 acres.

Saker ShopRites, a family-owned business established in 1916, operates the grocery stores within these centers and currently owns 39 ShopRites across Central New Jersey.

A fund managed by DRA Advisors has acquired a portfolio of three grocery-anchored shopping centers located in Ocean County, with the announcement made by CBRE on October 16.

The total size of the properties is 376,462 square feet, comprising Bay Plaza in Toms River, Jackson Plaza in Jackson Township, and Lacey Mall in Lacey Township.

This portfolio boasts a strong 94% occupancy rate, with an average tenant tenure exceeding 25 years, and 80% of its income generated from national and credit tenants, ensuring stable cash flow.

Other notable retailers in the portfolio include UPS, Dunkin’, McDonald's, Citizens Bank, Manhattan Bagel, and T.J. Maxx.

DRA Advisors Managing Director Brett Gottlieb expressed enthusiasm about collaborating with Soundwater for the acquisition of these well-located grocery centers anchored by ShopRite.

Soundwater Properties has been designated as the operating partner for the newly acquired properties.

The investment is further enhanced by the area's median family income, which exceeds $130,000.

The shopping centers were developed and managed by Pasbjerg Development Co., founded in 1958, with CBRE's National Retail Partners Mid-Atlantic team leading the marketing and negotiations.

The sellers commended the performance of the CBRE team, highlighting their exceptional service throughout the transaction process.

Eastman Cos. will oversee property management, accounting, and construction functions for the portfolio.