Middlesex and Watchung, N.J. — Planet Fitness has signed two new leases in New Jersey. The tenant will occupy 15,500 square feet at Middlesex Corner in Middlesex and 21,850 square feet at Blue Star Shopping Center in Watchung. Ed Vasconcellos of Levin Management Corp. represented the landlord of Middlesex Corner in lease negotiations, and Raymond Villafana of Franchise Realty represented Planet Fitness. Jack Chera of RIPCO represented Planet Fitness in lease negotiations for Blue Star Shopping Center, with E.J. Moawad of Levin representing the landlord. Franchisees will own and operate the …
New Jersey
Vorhees Township, N.J. — KPR Centers has acquired Eagle Plaza, a 230,000-square-foot shopping center in Vorhees Township, for $41.7 million. The property was leased to approximately 40 retailers and restaurants, including anchor Acme Markets, at the time of sale. Other tenants at the center include Ross Dress for Less, Five Below, Chipotle Mexican Grill and Ace Pickleball Club.
North Brunswick, N.J. — Panda Express has opened a new, 2,525-square-foot restaurant at MainStreet NB, mixed-use development located in North Brunswick, approximately 40 miles southwest of New York City. Garden Commercial is the landlord. David Dunkelman of Soloff Realty represented Panda Express in the lease negotiations, and Michael Gartenberg represented Garden Commercial on an in-house basis. Other tenants at MainStreet NB, which Garden Commercial broke ground on in 2010, include Chipotle Mexican Grill, Shake Shack, Panera Bread and The Green Turtle Sports Bar and Grill. Cava also recently signed a lease …
Phoenix and Bedminster, N.J. — Longpoint Partners has acquired two grocery-anchored shopping centers — El Monte Shopping Plaza in Phoenix and The Hills Village Center in Bedminster, New Jersey — for $62 million. Longpoint will manage the properties under its recently debuted Lena Centers brand. El Rancho Market IGA anchors El Monte Shopping Plaza, which totals 101,000 square feet. The property was 99 percent occupied at the time of sale. The Hills Village Center comprises 101,000 square feet. Kings Food Market anchors the center, which was 89 percent occupied at the …
North Bergen, N.J. — Marcus & Millichap has arranged the $6.4 million sale of Aaron’s Strip Center, an 18,130-square-foot retail center located in North Bergen. Aaron’s anchors the property, which was fully leased to six tenants at the time of sale. Alan Cafiero, Brent Hyldahl and Devin Perez of Marcus & Millichap represented the seller and procured the buyer in the transaction.
Mount Holly, N.J. —G.S. Wilcox & Co. has arranged a $12 million loan for the refinancing of Fair Ground Plaza, a 178,532-square-foot shopping center located in Mount Holly in southern New Jersey. The property was 90 percent leased at the time of the financing. Acme Markets anchors the center, and other tenants include Staples, Dollar Tree and Advance Auto Parts. David Fryer of G.S. Wilcox arranged the loan through an undisclosed life insurance company.
Voorhees, N.J. — CenterSquare has acquired Cedar Hill Shopping Center, a 16,891-square-foot retail center located in Voorhees, roughly 20 miles southeast of Philadelphia. Tenants at the property, which was fully leased at the time of sale, include Starbucks Coffee, Orange Theory, UPS, Great Clips, Vitamin Shoppe and AT&T. This marks CenterSquare’s first service property acquisition in metro Philadelphia.
Flemington, N.J. — Target will open a 75,500-square-foot store at Flemington Marketplace in Flemington, serving as an anchor tenant at the 239,000-square-foot retail center. Vanessa Kelty of Levin Management Corp. represented the landlord, a client of New York Life Real Estate Investors (NYLREI), in the lease negotiations. Jeff Howard of Ripco Real Estate served as the tenant broker. Target will occupy a former Burlington space at the center. Other tenants at the property include Kohl’s, Michaels, ALDI, Chili’s, Panera Bread, Hallmark, Verizon Wireless, Poke Café, Cold Stone Creamery and Nail Imagine …
Manasquan, N.J. — Private equity funds managed by Blackstone have agreed to acquire a majority ownership position in Jersey Mike’s Subs. The deal would value the Manasquan-based sandwich restaurant chain at around $8 billion, including debt, according to The Wall Street Journal. Jersey Mike’s founder and CEO Peter Cancro will maintain a significant equity stake and continue to lead the business. Blackstone says the partnership is intended to help Jersey Mike’s accelerate its expansion across and beyond the U.S. market, as well as its continued investment in technology and digital transformation. New …
Lawrenceville, N.J. — Four new tenants are opening at Mercer on One, a retail development located in Lawrenceville, roughly 40 miles outside Philadelphia. Bloomingdale’s the Outlet Store, Crate & Barrel Outlet and J. Crew Factory are now open at the property, occupying 18,494; 23,446; and 6,100 square feet, respectively. Sephora is also scheduled to open a store at the development on Nov. 15. The landlord, Federal Realty Investment Trust, completed a rebranding of the 551,000-square-foot property, formerly Mercer Mall, in October 2023.