West Coasters out to conquer Garden State

Real Estate Weekly, Oct 29, 2003

The Holualoa Companies of Tucson, AZ have purchased four shopping centers in New Jersey, each within a few miles of the Garden State Parkway in a stretch bounded by Whiting and Galloway.

Composed of more than 100 stores and anchored by supermarkets, variety stores and post offices, the new Holualoa "Parkway Portfolio" focuses on New Jersey's fastest growing counties, Ocean and Atlantic.

Holualoa has been joined in the venture by New Jersey-based partner Kay Realty Services, which served as exclusive broker and coordinated asset management.

The partners are actively searching for additions to its portfolio, including industrial and office properties. An experienced builder, Holualoa also expects to purchase land for development. "We saw a tremendous opportunity in New Jersey because the scarcity of developable land is creating growth pressure well south of the established suburban settlement pattern," said Michael Perlman, the Holualoa vice president overseeing the New Jersey acquisitions.

"Of course, New Jersey also represents special challenges, but it's a great market because incomes are high and the population is dense--the perfect combination for retailers."

"The Smart Growth Plan the Governor announced makes existing property that much more appealing," said Bill Klein, president of Kay Realty.

Holualoa's acquisitions include Whiting Town Center on Route 531 in Manchester, a120,000 SF retail center; Toms River Town Center on Route 37 in Toms River, a 155,000 SF retail center; Lakeridge on Route 70 in Dover, a 17,000 SF shopping center; and Smithville Town Center on Route 9 in Galloway, a 101,000 SF trade area.

For more information, call (908) 620-9889.