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Twin City Shopping Center
Investment salesLeasingNew JerseyNews

LMC Signs Lease with First Indoor Pickleball Facility at Twin City Shopping Center in New Jersey

by Abby Cox

Jersey City, N.J. — North Plainfield, New Jersey-based Levin Management Corp. (LMC) has signed an 8,350-square-foot lease with PB Club to bring the first indoor pickleball facility to Twin City Shopping Center in Jersey City. Nicole Anderocci of LMC represented the landlord in the lease negotiations. PB Club will offer three pro-style indoor courts, a water station, vending and grab-and-go snack options, as well as a lounge area with a private, sound-proof coworking space. PB Club is owned and operated by Ari and Naomi Saposh, who plan to open three …

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Golden Acres Shopping Center
Grocery-anchoredInvestment salesNew JerseyNews

JLL Negotiates $40 Million Sale of Golden Acres Shopping Center in Northern New Jersey

by Abby Cox

Morristown, N.J. — JLL Capital Markets has negotiated the $40 million sale of Golden Acres Shopping Center, a 219,848-square-foot retail center located in Morristown. The property is anchored by an 80,000-square-foot ShopRite that underwent renovations in 2016. Other tenants at the center include Shoppers World, Unique Thrift Store and a Wendy’s outparcel. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Kavaler and Joseph Lopresti of JLL’s Investment Sales and Advisory team represented the seller in the transaction. The buyer was a joint venture between Agus Holdings and TreeCo.

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JCPenney
Company newsInvestment salesLeasingNew JerseyNews

Onyx Partners to Acquire JCPenney Retail Portfolio for $947 Million 

by Abby Cox

Jersey City, N.J. — Onyx Partners of Boston has entered into a binding purchase and sale agreement to acquire 119 JCPenney stores from Copper Property CTL Pass Through Trust, a real estate investment trust created as part of JCPenney’s 2020 Chapter 11 bankruptcy filing, for $947 million. The sale price represents roughly $8 million per store property. The portfolio, which totals nearly 16 million square feet across 34 states, is net leased to JCPenney under a long-term master lease with Penney Intermediate Holdings LLC. The all-cash sale is scheduled to …

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Inman Grove Shopping Center
Investment salesNew JerseyNews

Goldstein Group Arranges $24 Million Sale of Inman Grove Shopping Center in New Jersey

by Abby Cox

Edison, N.J. — Locally based The Goldstein Group has arranged the $24 million sale of Inman Grove Shopping Center, a 120,000-square-foot shopping center located in Edison. The center is home to a mix of tenants including Taco Bell, Wells Fargo, Ivy Rehab, Planet Wings, Allstate, Dunkin’ Donuts, CSL Plasma, Subway, The UPS Store, Verizon Wireless, Dairy Queen, Vino Sandro Liquors and the Discovery Montessori School. Originally built in 1988, the center sits on nearly 14 acres, according to LoopNet. CJ Huter, Lew Finkelstein, Vice President, Marc Palestina and Roy Paret …

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Winslow Plaza
Investment salesNew JerseyNews

First National Realty Acquires Winslow Plaza in Metro Philadelphia

by Abby Cox

Sicklerville, N.J. — First National Realty Partners (FNRP) has acquired Winslow Plaza, a 40,695-square-foot shopping center in Sicklerville, roughly 23 miles outside Philadelphia. ShopRite shadow anchors the center, which was fully leased at the time of sale. Tenants at the property include H&R Block, NovaCare, Ricciardi Brothers, King’s Liquor Outlet and The UPS Store. Colin Behr and Chris Munley of CBRE represented the seller in the transaction.

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Springfield Avenue Marketplace
Grocery-anchoredInvestment salesMixed-useNew JerseyNews

CBRE Facilitates $37.5 Million Sale of Springfield Avenue Marketplace in Newark, New Jersey

by Abby Cox

Newark, N.J. — CBRE has facilitated the $37.5 million sale of Springfield Avenue Marketplace, a 110,551-square-foot mixed-use center located in Newark. A 71,000-square-foot Shoprite anchors the property, which was 97 percent leased at the time of sale. Additional tenants include McDonald’s, Taco Bell, Popeyes and T-Mobile. Developed in 2016, the property also features a 152-unit residential component called 24 Jones. Jeffrey Dunne, David Gavin, Chris Munley, Colin Behr and Travis Langer of CBRE’s National Retail Partners represented the seller, Goldman Sachs Alternatives, in the transaction. The team also procured the buyer, …

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Investment salesNew JerseyNews

Joint Venture Acquires 181,150-Square-Foot Shopping Center in Suburban New York City 

by Abby Cox

Paramus, N.J. — A joint venture partnership between Heidenberg Properties Group, Red Starr Investments, Norse Realty Group and DAG Paramus has acquired Paramus Park South, a 181,150-square-foot shopping center located in Paramus, roughly 20 miles northwest of New York City. Anchored by a 100,223-square-foot Stew Leonard’s Supermarket, the center was 67 percent leased to a mix of tenants including Macy’s, Sephora, L.L. Bean, Ulta Beauty and Chick-fil-A at the time of sale. CBRE brokered the sale of the property. Ackman-Ziff Real Estate Group structured the joint venture and arranged acquisition …

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DevelopmentLeasingNew JerseyNews

DICK’s House of Sport to Anchor Cherry Hill Mall in New Jersey

by Abby Cox

Cherry Hill, N.J. — PREIT has signed leases with five new tenants at its Cherry Hill Mall, a 1.3 million-square-foot shopping center located in Cherry Hill. The addition of a 120,000-square-foot DICK’s House of Sport will anchor the center, which is scheduled to open in 2026. The athletics retailer will offer in-store experiences such as a rock-climbing wall, multiple golf bays with TrackMan simulators, an outdoor track and field, as well as a multi-sport cage that customers can use to test products. DICK’s House of Sport will replace the former One …

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Jeanette-Oliver-Levin-Management
Company newsNew JerseyNews

Levin Management Corporation Appoints Jeanette Oliver Chief Financial Officer

by Abby Cox

North Plainfield, N.J. — Levin Management Corp. (LMC) has appointed Jeanette Oliver, an industry veteran with more than 25 years of experience in the real estate and development industries, to the role of chief financial officer. Oliver previously served as chief accounting officer at Silverstein Properties Inc. and as an accounting director at Forest City Ratner Cos. In her new role, Oliver will be responsible for LMC’s finance, accounting, budgeting, credit, cash management and lease administration functions.

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Washington Bridge Plaza
Investment salesNew JerseyNews

Goldstein Group Brokers $37 Million Sale of Retail Center in Fort Lee, New Jersey

by Abby Cox

Fort Lee, N.J. — New Jersey-based The Goldstein Group has brokered the $37 million sale of Washington Bridge Plaza, a 47,000-square-foot retail center located in the Northern New Jersey community of Fort Lee. Walgreens anchors the property. Other tenants at the center include The Gyro Project, Bon Epi, Fort Lee Vision, Binghamton Bagel & Deli, Belle Journée Bakery, Revolving Sushi, Punta Cana, 101 Chicken and Pho Today. CJ Huter, Marc Palestina and Lew Finkelstein of The Goldstein Group represented the 1031-exchange buyer, Young Property LLC, in the transaction. Baruch Herman of …

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