NEW JERSEY—As a result of the default on two mezzanine loans, the membership interests of the owner of two prominent shopping centers located along New Jersey’s shoreline in Manahawkin and Toms River in Ocean County, will be sold to the highest bidder. The sealed-bid auction is slated for Friday, June 8 and will be conducted by Mannon Auctions LLC at 12:00 noon at 733 Third Avenue.
Eastern Consolidated’s Adelaide Polsinelli, senior director, together with David Schechtman, executive managing director, and Gary Meese, analyst, are spearheading the marketing initiative for the auction.
The first property up for auction is The Commons at Manahawkin Village, which has an approximate mezzanine loan totaling $4.9 million. Comprised of five, one-story buildings totaling 325,525 sq. ft., the property is anchored by Kmart and also includes Regal Cinemas, TJ Maxx, Michaels and more.
Originally developed in 1993 and expanded in 2002, The Commons at Manahawkin Village is currently 98.3 percent occupied.
The second property on the block is Toms River Plaza, located at 1350 Hooper Avenue, which has an approximate mezzanine loan totaling $180,000. Comprised of three, one-story buildings totaling 120,442 sq. ft., Toms River Plaza is anchored by a Michael’s store and a DSW Shoe Warehouse.
Originally developed in 1987 the center is currently 89.5 percent leased.
“This is a rare opportunity for an investor to secure a financial foothold in two major retail centers,” said Polsinelli. “In addition, the successful bidder at the auction will also be granted ownership of the entity which holds title to the properties.”