State Police have arrested a Holmdel man in Monday night's shooting in the parking lot of the PNC Bank Arts Center.

Quaran Powell (NJ State Police)

Quran Powell, 27, was arrested on Wednesday in East Orange by State Police and East Orange Police. Powell was charged with two counts of attempted homicide and possession of a weapon for unlawful purpose. He is being held on $750,000 bail at the Monmouth County Jail.

The victims, identified only as 23- and 24-year-old residents of Neptune, remain hospitalized in critical but stable condition according to State Police. No motive was offered for the incident.

State troopers using K-9 units and a helicopter scoured a wooded area near the Holmdel areas for several hours after the shooting in parking lot 4. The shooting took place after the Big Sean and J. Cole concert and caused panic among the crowd.

State troopers using K-9 units and a helicopter scoured a wooded area near the Holmdel amphitheater, but no arrests had been made as of early Tuesday night. A $5,000 reward was being offered for information leading to the shooter's arrest.

The Monmouth County Prosecutor's Office will handle the case and the investigation into the shooting continues.