Hoboken, N.J. — Katz & Associates has arranged the $13 million sale of a 20,000-square-foot retail building formerly occupied by Bow Tie Cinemas in Hoboken, located across the Hudson River from Manhattan. Jonathan Greenberg of Katz & Associates represented the seller, Hoboken Theaters LLC, in the transaction. Jon Compitello and Dan Spero of JLL represented the buyer, Hoboken Grace Community Church, which will use the buildings as its new headquarters and community center.
Bridgewater, N.J. — Patio/outdoor furniture and accessories retailer Fortunoff Backyard Store will open a 9,400-square-foot retail establishment at Somerset Shopping Center in the Northern New Jersey community of Bridgewater. The tenant will backfill a space at the 219,000-square-foot center that was formerly occupied by Pier 1 Imports, which declared bankruptcy and began liquidating its stores in May 2020. Vanessa Fernandez-Kelty of Levin Management Corp. represented the landlord in the lease negotiations. Jake Frantzman of RIPCO Real Estate represented Fortunoff Backyard Store.
Franklin Township, N.J. — Axiom Capital Corp. has arranged a $25 million loan for the refinancing of a 113,204-square-foot retail center in Franklin Township, about 40 miles south of Manhattan. Grocer ShopRite anchors the three-building property, with Wells Fargo occupying the other standalone structure. The nonrecourse loan carried a 10-year term and fixed interest rate. The borrower was not disclosed.
Cherry Hill, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has announced several new retailers and restaurants set to open at Cherry Hill Mall, located about 8 miles outside of Philadelphia in southern New Jersey. Upscale seafood concept Eddie V’s will open its first restaurant in the area this fall, while Marc Cain, a women’s apparel brand based in Germany, will join the lineup of soft goods retailers with a March opening. Other upcoming additions to the tenant roster include Warby Parker and Amazon 4-Star.
Egg Harbor City, N.J. — The Kislak Co. Inc. has negotiated the $7 million sale of a 5,585-square-foot retail property in Egg Harbor City, located about 20 miles from Atlantic City. The property is under construction and is preleased to convenience store operator Wawa for 20 years on a triple-net basis. Jason Pucci and Justin Lupo of Kislak represented the buyer, Kamson Corp., in the transaction. The seller was not disclosed.
Lawrenceville, N.J. — Houlihan-Parnes Realtors LLC has arranged a $22.7 million loan for the refinancing of a 393,430-square-foot shopping center in Lawrenceville, a suburb of Trenton. Tenants at the property include Lidl, Starbucks, AutoZone, Five Below and Aspen Dental. Bryan Houlihan and James Houlihan of Houlihan-Parnes arranged the five-year, fixed-rate loan on behalf of the borrower, JJ Operating Inc., a family-owned investment and management firm based in New York City. An undisclosed local bank provided the debt.
Pennsauken, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $18 million sale of The Point at Pennsauken, a 109,217-square-foot shopping center in southern New Jersey. Anchored by convenience store Wawa, the property was fully leased at the time of sale. Brad Nathanson of IPA represented the seller, WRDC, in the transaction and procured the buyer, Florida-based Select Properties Inc.
Mt. Olive, N.J. — Black Lion Investment Group has purchased ITC Crossing South, a 373,612-square-foot shopping center located on 46 acres in Mt. Olive, for $49.8 million. R.J. Brunelli & Co. brokered the sale. The property is home to retailers such as Lowe’s, Michaels, PetSmart, Old Navy, TJ Maxx, Panera Bread, McDonalds, Longhorn Steakhouse and Bed, Bath & Beyond.
Windsor, N.J. — Cronheim Mortgage has arranged a $19 million permanent loan for The Shops at Windsor Green, a 157,200-square-foot retail center in West Windsor, a northeastern suburb of Trenton. Whole Foods Market, Marshall’s and Staples are the anchor tenants at the property, which was originally built in 1993. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage placed the loan with a life insurance company on behalf of the borrower, Mainardi Management Co. The loan carries a seven-year term and fixed interest rate of 3 percent.
Flanders, N.J. — Rita’s Ice has signed a 1,973-square-foot retail lease at ITC Crossing South Shopping Center in Flanders, about 50 miles west of New York City. The tenant will backfill a space previously occupied by Amy Murphy Salon, which is relocating to a 5,000-square-foot space within the 514,903-square-foot center. The opening is scheduled for the first quarter of 2022. Danielle Brunelli of R.J. Brunelli & Co. represented the landlord in the lease negotiations.