HOWELL – Aldrich 9 Plaza, a 28,660-square-foot neighborhood retail center in Howell, has been sold for $6.422 million in a transaction arranged by Gebroe-Hammer Associates President Ken Uranowitz and Vice President Adam Zweibel.
The firm exclusively represented the seller, Aldrich Nine Associates LLC, and procured the buyer, Aldrich III LLC, according to a press release from Gebroe-Hammer Associates
Aldrich 9 Plaza, on Route 9 North between Aldrich Road and Moroz Street, is a single-story multi-tenant center that abuts and is contiguous with the Aldrich Plaza shopping center.
The Aldrich 9 Plaza is anchored by a Walgreens pharmacy and the Aldrich Plaza is anchored by a Bed Bath & Beyond, according to the press release.
“Conveniently located at one of the busiest intersections in the Howell trade area, Aldrich 9 Plaza was fully occupied at the time of sale with a nicely balanced tenant roster,” said Zweibel.
Built in 1988, Aldrich 9 Plaza includes a 15,167-square-foot Walgreens; a 10,393-square-foot Howell Medical Pavilion/RJWBarnabas Health facility; and a 3,100-square-foot Big City Bagels.
According to Zweibel, more than 47,700 vehicles pass the property each day along Route 9 and more than 135,900 people reside within a 5-mile radius of the shopping center.
“The entire retail sector has undergone a metamorphosis as it continues to successfully adapt to new experiential spending habits,” Uranowitz said. “Well-located consumer and lifestyle hubs like Aldrich 9 Plaza have demonstrated their true resilience, and favorability among investors, by offering a balance of services like fast-casual dining, health and wellness, entertainment and education alongside traditional shopping.”
Gebroe-Hammer has been marketing mixed use and free-standing retail and office properties throughout its 43-year history, according to the press release.