Joint venture purchases Monmouth's retail mecca.

Seaview Square, one of the Monmouth County's leading power retail centers, traded hands this month when a joint venture of Investcorp and Fidelity-AMG Realty Partners purchased the 118-acre property from Starwood Heller for an undisclosed price.

Cushman & Wakefield's Metropolitan Area Capital Markets Group orchestrated the sale on behalf of both parties.

Located at 2301 Route 66, at the intersection of Routes 66, 18 and 35, the 775,000 s/f shopping center is 80 percent leased to Costco, Target Greatland, Radio Shack, Starbucks and Applebee's. The property has 5,000 parking spaces and offers an additional 127,000 s/f of future development potential.

"Investcorp and Fidelity-AMG competed with an aggressive pool of bidders for Seaview Square," added Jose Cruz, a senior director with the Metropolitan Area Capital Markets Group. "Retail properties--especially those that are core-plus opportunity assets--have emerged among the most sought-after real estate investment types in 2005."

"Seaview Square would be a fantastic addition to any portfolio. Its location at the junction of the region's major routes enjoys a significant daily traffic count, and its strong mix of long-term credit tenants positions it with clear competitive advantage," said Andrew Merin, executive vice president of the Metropolitan Area Capital Markets Group.

Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in real estate sales, joint ventures and financing in northern New Jersey; Fairfield County, Conn.; and Long Island and Westchester County, N.Y. The team has completed more than $7 billion worth of transactions during the past decade. For the past three years, this included more than $1 billion in transactions annually.