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DevelopmentGrocery-anchoredMixed-useNew JerseyNews

Kushner Breaks Ground on $500 Million Redevelopment of Monmouth Mall in Eatontown, New Jersey

by Hayden Spiess

Eatontown, N.J. — Kushner has today broken ground on the $500 million mixed-use redevelopment of Monmouth Mall in Eatontown, roughly 50 miles outside New York City. Upon completion, the property will comprise 900,000 square feet of retail and restaurant space. Whole Foods Market will anchor the development, which will also feature a public green, pedestrian pathways, 1,000 residential units and medical office space. Construction will include the demolition of 600,000 square feet of retail space at the site. 

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LeasingNew JerseyNews

Sportime Pickleball to Open 50,000-Square-Foot Facility in Wayne, New Jersey

by Hayden Spiess

Wayne, N.J. —Sportime Pickleball will open a 50,000-square-foot facility in the Northern New Jersey community of Wayne. The venue will feature 18 courts. Neil Seth, Jennifer Konefsky, Kenji Ota and Kathryn Cruz of Cushman & Wakefield represented Sportime Pickleball in the lease negotiations. Curtis Nassau and Patrick Brake of RIPCO Real Estate represented the landlord, Kimco Realty. The opening is scheduled for the first quarter of 2025.

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Company newsNew JerseyNew YorkNews

Foot Locker Introduces New Store Format

by Hayden Spiess

New York City — New York City-based footwear retailer Foot Locker has introduced a new store format, debuting the design at its location within Willowbrook Mall in Wayne, New Jersey. Features of the new format include a more streamlined store layout, dedicated sections for new product releases, enhanced presentation, a communal try-on are, omnichannel technology and a “sneaker hub” with lacing customization and expanded ordering options. Foot Locker plans to open additional stores with this design throughout 2024, including at the retailer’s flagship location in New York City. Additionally, the brand …

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Investment salesNew JerseyNews

Marcus & Millichap Arranges $6.2 Million Sale of Central New Jersey Shopping Center

by Hayden Spiess

Flemington, N.J. — Marcus & Millichap has arranged the $6.2 million sale of The Shoppes at Flemington, a 130,613-square-foot shopping center in Central New Jersey. HomeGoods and Ulta Beauty anchor the property, which was leased to 26 tenants at the time of sale. Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer in the transaction. 

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Nordstrom to Open 26 New Nordstrom Rack Stores

by Hayden Spiess

Seattle — Seattle-based retailer Nordstrom has announced plan to open 26 new Nordstrom Rack stores. Openings are scheduled to begin this spring and continue through spring 2025. The sites of the new stores include locations in Arizona, California, Florida, Georgia, Illinois, Indiana, Nebraska, New Jersey, New York, North Carolina, Ohio and Texas.

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FinanceNew JerseyNews

Cronheim Secures $17.5 Million Financing for Two Shopping Centers in New Jersey 

by Hayden Spiess

East Windsor and Garwood, N.J. — Cronheim Mortgage has secured $17.5 million in financing for two shopping centers in New Jersey. Andrew Stewart, Dev Morris and Allison Villamagna arranged the financing on behalf of the borrower, a New Jersey-based real estate firm that specializes in the development and acquisition of retail properties in the state. Southern Farm Bureau Life Insurance Co. provided the financing for the first property, Town Center Plaza in East Windsor. The $11 million, long-term loan features a step-down prepayment structure in the final 10 years of the …

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Investment salesNew JerseyNews

JLL Arranges Sale of 87,318-Square-Foot Retail Center in Metro New York City

by Hayden Spiess

Watchung, N.J. — JLL Capital Markets has arranged the sale of Heritage Square, an 87,318-square-foot retail center located in Watchung, roughly 30 miles outside New York City. Developed in 2019, the property was leased to tenants including HomeSense, Sierra Trading Post, CityMD, Starbucks Coffee, Chick-fil-A, Ulta Beauty, Miller’s Ale House and David’s Bridal. Jose Cruz, J.B. Bruno, Kevin O’Hearn and Austin Pierce of JLL represented the undisclosed seller in the transaction and procured the buyer, Urban Edge Properties. 

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Grocery-anchoredInvestment salesNew JerseyNews

NAIDB Arranges $8.6 Million Sale of Retail Center in Middlesex, New Jersey

by Hayden Spiess

Middlesex, N.J. — NAI DiLeo-Bram & Co. (NAIDB) has arranged the $8.6 million sale of a 69,750-square-foot retail center located in Middlesex. A new 57,000-square-foot SuperFresh anchors the property. Situated on 3.9 acres adjacent to The View Apartments, the center also features a 6,115-square-foot liquor store and 6,300 square feet of second-floor office space. Marc Shein of NAIDB represented the undisclosed seller in the transaction. Bennett Realty & Development represented the buyer. 

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LeasingNew JerseyNews

Connell Co. to Open 25,000-Square-Foot Fitness Facility at The Park in Berkeley Heights, New Jersey

by Katie Sloan

Berkeley Heights, N.J. — The Connell Co. will open a 25,000-square-foot fitness facility at The Park, the locally based developer’s 185-acre mixed-use redevelopment in the Northern New Jersey community of Berkeley Heights. The facility will be known as FIELDHOUSE and will offer fitness regimens such as Pilates, yoga and boxing. Members will also have access to a game room, a meditation room, nap and recovery rooms, a health bar and personal trainers and in-house nutritionists. The opening is scheduled for March.

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Avison Young Acquires Madison Marquette Retail Platform, 6.1 Million-Square-Foot Portfolio

by Hayden Spiess

Toronto, Canada and Washington, D.C. — Avison Young has entered into an agreement to acquire Madison Marquette’s retail platform for an undisclosed price. The acquisition will include the Washington, D.C.-based firm’s retail property management, marketing and leasing services throughout the U.S.; and a portfolio comprising more than 6.1 million square feet of properties managed and leased by Madison Marquette. Madison Marquette teams will integrate with those of Toronto, Canada-based Avison Young in Los Angeles, New Jersey, Philadelphia, Indiana, Arkansas, Maryland, Virginia, Atlanta and Florida, and the acquisition expands Avison Young’s presence …

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