North Brunswick, N.J. — Ace Pickleball Club has opened a 26,500-square-foot athletic facility in North Brunswick, about 40 miles southwest of Manhattan. Located within the 288,000-square-foot Brunswick Shopping Center, the club will offer flexible, all-inclusive membership options for players, along with the opportunity to host private events and corporate outings. Fred Younkin of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Marta Villa of CBRE represented Ace Pickleball.
Ramsey, N.J. — New York-based Wafra has acquired Interstate Shopping Center, a 348,742-square-foot shopping center located in the Northern New Jersey community of Ramsey. CBRE arranged the joint venture between Crossroads Cos. and Wafra to purchase the property, while Axiom Capital arranged the acquisition loan. This transaction marks the first time the property has been sold since an earlier and smaller version of the center was acquired in the early 1990s. ShopRite, T.J. Maxx, Burlington, Ulta Beauty, Michaels and DSW anchor Interstate Shopping Center, which comprises seven buildings across 42 retail …
Pennington, N.J. — Marcus & Millichap has brokered the $3.9 million sale of Cornerstone Court, an 18,284-square-foot retail center located in Pennington, approximately eight miles north of Trenton. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, a New Jersey-based private investor. Hyldahl, Cafiero and Goldberg, along with David Cafiero and Damien Rance, also procured the buyer, another private investor from New Jersey. Located at 1 Tree Farm Road, Cornerstone Court comprises ground-floor retail and second-story office space. The center, which was 77 percent occupied at …
Bridgewater, N.J. — Levin Management Corp. (LMC) has signed a 28,750-square-foot lease with Sprouts Farmers Market to anchor Somerset Shopping Center, a 219,000-square-foot shopping center located in the northern New Jersey community of Bridgewater. Vanessa Kelty and Ed Vasconcellos of LMC represented the landlord in the lease negotiations, while Mike Horn and Steven Winters of RIPCO Real Estate represented Sprouts Farmers Market. Sprouts will serve as a co-anchor to Barnes & Noble. The Sprouts lease follows a series of recent additions and openings at Somerset Shopping Center, including D1 Training, …
Bridgewater Township, N.J. — Pacific Retail Capital Partners (PRCP) has signed leases with four new tenants to join Bridgewater Commons, a 1.2 million-square-foot shopping center located in Bridgewater Township, approximately 45 miles southwest of New York City. Anthropologie opened a 9,577-square-foot store in January, while Popeyes opened a 644-square-foot restaurant this month. Ear piercing studio Rowan will debut its new store in the second quarter, along with the reopening of Pandora. An expanded Aerie store will be introduced in the third quarter, while OFFLINE by Aerie will launch in the fourth …
Berkeley Heights, N.J. — The Connell Co. has signed leases with five new tenants at The Park, a 185-acre mixed-use campus located in the northern New Jersey community of Berkeley Heights. The newest retailers will be situated within The District at The Park, a 60-acre downtown that will be anchored by a walkable main street and 160,0000 square feet of lifestyle, wellness and dining options. Four Spoons Ice Cream Co., Doner Shack, Café Exchange, Prime IV Hydration & Wellness and Greatness Wins will debut in July. In addition to the …
Clifton, N.J. — JLL Capital Markets has arranged $11.5 in financing for the acquisition of 1030 — 1050 Route 46, a formerly vacant commercial building that is being redeveloped as a grocery-anchored retail center in Clifton, approximately 12 miles west of New York City. Ryan Carroll, Nazario Paragano and Christian Badalamenti of JLL secured the three-year, floating-rate loan through Fidelity Investments on behalf of the undisclosed borrower. The building, which occupies a 4.3-acre site at the intersection of Route 46 and Route 3, will undergo approximately $1.5 million in capital improvements, …
New York — Newmark has arranged a $415 million loan to refinance a retail portfolio across Connecticut, Pennsylvania, New Jersey and Massachusetts. Totaling 2.4 million square feet, the portfolio comprises 13 open-air centers that are located in densely populated infill markets. Twelve of the properties are anchored by grocery tenants. Jordan Roeschlaub, Nick Scribani, John Caraviello and Dan Axelson and Adam Doneger of Newmark secured the financing through HPS Investment Partners on behalf of a separate managed account for the borrowers, DRA Advisors and KPR Centers.
Linden, N.J. — NAI DiLeo-Bram & Co. (NAIDB) has negotiated the $4.5 million sale of a single-tenant retail property located in the northern New Jersey community of Linden. The 3,650-square-foot gas station and convenience store was formerly occupied by Speedway. Jennifer Harrison of NAIDB represented the buyer, Rona 22 LLC, which is doing business as Fuel One. Glenn Beyer of Newmark and Justin Glenn of Excess Space represented the seller, Speedway LLC, in the transaction. Fuel One plans to continue operating the location as a fuel and convenience center and expects …
Stafford Township, N.J. — JLL Capital Markets has arranged a $20.5 million loan to refinance Stafford Park, a 140,893-square-foot shopping center located in Stafford Township near the Jersey Shore. Jim Cadranell, Ryan Carroll and Christian Badalamenti of JLL secured the five-year, fixed-rate loan through an investment manager on behalf of the borrower, Walters Group. Developed by Walters Group in 2007, the open-air center is fully leased to tenants such as Dick’s Sporting Goods, Best Buy, PetSmart and Ulta Beauty. Stafford Park is also shadow-anchored by Costco and Target.
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