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Purchase Marks Hoboken-Based Real Estate Development Firm’s Entry into Ocean County Market
LACEY TOWNSHIP, N.J., Jan. 25, 2022 – Hoboken, N.J.-based JDA Group LLC (JDA) is expanding into the Ocean County retail real estate market with the acquisition of 106 North Main Street in Lacey Township. The purchase aligns with the development firm’s strategic plan to expand its portfolio with income-producing assets – especially those that carry future development opportunity – in the greater New York/New Jersey region.
The two-acre site – situated at the corner of Lacey Road and Route 9 in the Forked River section of the township – is fully leased to TD Bank, which maintains a 6,000-square-foot retail bank facility with four drive-through lanes. The property has in-place approvals for up to 5,000 square feet of additional retail GLA.
Anthony D’Ambrosia of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the $5.96 million, off-market transaction. JDA handled the deal directly, and has tapped Jason Pierson of Pierson Commercial Real Estate as the property’s leasing agent.
“We are growing from our traditional Northern New Jersey base with this acquisition, yet it represents a natural next step in our long-term growth plan,” said JDA CEO Gregory Dell’Aquila. “Single tenant, triple-net-lease properties are known for their stability and resilience regardless of market conditions. Aside from giving us the opportunity to acquire our first stand-alone retail property in Ocean County, this income-producing asset aligns perfectly with our company’s strategic plan for expanding regionally, seeking redevelopment opportunities, and building deeper relationships with retailers.”
Property Addresses Lack of Retail Banking Locally
The Lacey Township property’s location – in an area that lacks retail banking resources and is home to a large senior citizen population – was a key consideration in the acquisition, according to Timothy Connell, vice president of JDA. “Drive-through service has long been a desirable feature of highway retail, and over the past two years during the pandemic these establishments have proven their worth,” Connell noted. “Further, many older adults still prefer face-to-face interactions at branch locations, and Ocean County is underserved for retail banking locations.”
The 106 North Main Street property is well-located along Route 9 and near the Garden State Parkway in the heart of Ocean County. The property represents the second retail real estate purchase outside of JDA’s home base in Hudson County in recent months. In late 2021, the firm acquired 2215 Route 4 East in Fort Lee; the nearly half-acre site features an 1,800-square-foot retail building fully occupied by a Starbucks Coffee store and a free-standing Bank of America ATM kiosk.
JDA Group’s Real Estate Focus
JDA Group is known for its results-oriented approach to real estate ownership, with a development and management track record of successful, ground-up multifamily and commercial adaptive-reuse projects, and more than 100 office tenant buildouts over the past 20 years.
One of its prominent buildings is the Mission 50 office and coworking community in Hoboken, N.J. In planning is The Boundary, a 500,000-square-foot vertical mixed-use community spanning the Hoboken-Jersey City line designed to revitalize a former industrial neighborhood. The project will combine multifamily residential, office and medical office space, multipurpose event space, and more than 51,000 square feet of destination retail.
About JDA Group LLC
50 Harrison St., Hoboken, N.J. 07030