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Asbury Partners begins work on new phase of Oceanfront Asbury. (New Jersey).

Asbury Partners, LLC has acquired five boardwalk pavilions from the City of Asbury Park for $3.5 million. The transaction represents the first step forward for the 450,000 SF retail component of Oceanfront Asbury, a mixeduse, 56-acre waterfront redevelopment.

Cushman & Wakefield has been named exclusive leasing agent for the entire retail portion of Oceanfront Asbury, which is slated to include boardwalk convenience stores, general merchandisers, restaurants, and a hotel.

"We are excited to be involved in the early stages of this monumental undertaking," said David Gialanella, executive vice president of global retail services at Cushman & Wakefield. "Cushman & Wakefield will deploy all of our resources and tap our global reach to help shape Oceanfront Asbury to its full potential. The vision, led by Asbury Partners, is inspiring and will truly transform the waterfront."

The sale of the pavilion properties is part of the Redeveloper's Agreement signed last month between the City and Asbury Partners. The structures run parallel to the renowned Asbury Park boardwalk, from north of Convention Hall south to the Casino building. Asbury Partners has already launched preliminary clean-up of the sites.

The firm has also agreed to buy other city-owned properties over the next 12 months, including Convention Hall, Paramount Theater, and the Casino. Currently, Asbury Partners is leasing the three buildings from the City. The company has implemented an initial capital improvement program in coordination with the State Historic Preservation Office. The firm expects to restore the structures to their original elegance.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NJ
Date:Jan 8, 2003
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