Holiday City Retail Centers Sold To New Owner; Improvements Coming

BERKELEY, NJ — Ten Hovnanian-owned retail centers in Berkeley, Toms River and Brick have undergone new ownership, according to officials.

The news came as a "big surprise" to Holiday City residents, Berkeley Township Councilwoman Sophia Gingrich said at a recent meeting.

Gingrich said that Holiday City Plaza I (the mini mall on Jamaica Boulevard), Holiday City Plaza II (the strip mall anchored by Provident Bank), Holiday City Plaza on Mule Road, Rite Aid on Mule Road, Holiday City Medical Center, Wells Fargo Bank on Jamaica Boulevard, the Social Security Administration building on St. Catherine's, the closed PNC Bank on Wranglebrook, the Bellcrest Plaza on Fischer Boulevard in Toms River and the Yorktowne Plaza in Brick were sold for $46 million.

These properties are being called the "Ocean County Middle Market Portfolio."

According to a news release, the buyer is Lakewood-based Horizon Equities, which owns properties nationwide, as well as in Lakewood, Jackson and Monmouth County.

“Although Horizon Equities is a national firm, we started in New Jersey and have 82 years of family history here,” said Joe Kotler, founder and managing partner of Horizon. “The people of Central Jersey matter to us and this acquisition reflects our concern. We will continue to invest in local businesses here and work alongside our tenants to upgrade the portfolio for mutual success.”

Kotler told the Asbury Park Press that the firm plans to invest in site improvements, like modernizing facades, new signs, parking lot repaving and more.

The properties will benefit from "significant investment," Kotler told the Press, and he plans to work with the tenants for mutual success.