Navesink Center
Middletown, New Jersey
Prior to our involvement, and anchored by the supermarket A&P, this neighborhood center with an ongoing dry-cleaning environmental concern sat inactive at 50% occupancy for the 24 months following A&P’s bankruptcy liquidation. Recognizing a substantial value-add opportunity, we performed a full suite of services for the private owner, including market analysis and project feasibility, environmental remediation, a detailed audit of deferred-maintenance items (completion of same), program development, design, leasing, underwriting, finance, and general contracting. We continue to manage the asset and property. Value and cash flow have more than doubled as a result of the project’s phase one. We expect phase two to add additional value, and those potentials are being considered.
