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FinanceGrocery-anchoredNew JerseyNews

Levin Properties Receives $43.2 Million Refinancing for St. Georges Crossing in Central New Jersey

by Hayden Spiess

Woodbridge, N.J. — Levin Properties has received a $43.2 million refinancing for St. Georges Crossing, a 343,423-square-foot shopping center located in the central New Jersey community of Woodbridge. ShopRite anchors the property, which was fully leased at the time of financing. Other tenants include P.C. Richard & Son, PetSmart and TJ Maxx. Jim Cadranell, Gregory Nalbandian and Salvatore Buzzerio of JLL Capital Markets arranged the 12-year, fixed-rate loan through PGIM Real Estate on behalf of Levin Properties.

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Investment salesNew JerseyNews

Marcus & Millichap Brokers $36.5 Million Sale of Shopping Center in Metro Philadelphia

by Hayden Spiess

Marlton, N.J. — Marcus & Millichap’s Institutional Property Advisors (IPA) has brokered the sale of The View at Marlton, a 91,000-square-foot shopping center located in Marlton, roughly 18 miles east of downtown Philadelphia. Paramount Realty Services acquired the property, which was 98 percent occupied at the time of sale, for $36.5 million. Brad Nathanson of IPA arranged the 1031-exchange transaction on behalf of the seller and original developer, a partnership between Abrams Realty & Development and Lazgor Co. Tenants at the property include LA Fitness, AAA, The Malvern School, Truist …

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Grocery-anchoredInvestment salesNew JerseyNews

Marcus & Millichap Arranges Sale of 93,029-Square-Foot Shopping Center in Northern New Jersey

by Hayden Spiess

Vernon Township, N.J. — Marcus & Millichap has brokered the sale of Vernon Valley Plaza, a 93,029-square-foot shopping center in Northern New Jersey’s Sussex County. ACME anchors the property, which was built from 2001 to 2004. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller, an undisclosed developer, and procured the buyer, a private investor, in the transaction. Both parties were New Jersey-based entities. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged a $13.3 million acquisition loan for the deal that carries a five-year …

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Investment salesNew JerseyNews

Marcus & Millichap Brokers $46 Million Sale of New Jersey Commercial Portfolio

by Hayden Spiess

Toms River and Brick, N.J. — Marcus & Millichap has brokered the $46 million sale of the Ocean County Middle Market Portfolio, a collection of 10 commercial properties totaling 310,023 square feet that are located in the Southern New Jersey cities of Toms River and Brick. The portfolio comprises five multi-tenant retail properties, two medical office buildings and three net-leased retail assets, one of which is vacant. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap, along with Brad Nathanson of Institutional Property Advisors, represented the seller, private …

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LeasingNew JerseyNews

Hobby Lobby Signs 58,952-Square-Foot Retail Lease in Eastern New Jersey

by Hayden Spiess

Neptune, N.J. — Hobby Lobby has signed a 58,952-square-foot lease at Neptune Plaza Shopping Center in coastal New Jersey. The Oklahoma-based retailer will backfill a space previously occupied by HomeGoods and Marshalls. Kevin Pelio of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Michael Testa of Jeffrey Realty represented Hobby Lobby, which plans to open in 2024. Neptune Plaza, which totals 215,000 square feet, is now 99.3 percent leased.

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Company newsFinanceNew JerseyNews

Party City Files for Chapter 11 Bankruptcy

by Hayden Spiess

Woodcliff Lake, N.J. — Party City Holdco Inc. (NYSE: PRTY) has filed for Chapter 11 bankruptcy. The restructuring process is expected to substantially reduce the company’s debt and optimize its capital structure and liquidity. The company expects to complete the restructuring process in the second quarter of this year. Party City’s more than 800 stores will remain open during the bankruptcy process. The company says it will continue to advance its key initiatives underway, such as converting stores to next-generation prototypes, evolving Halloween City pop-up stores, building out its online …

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FinanceNew JerseyNews

Provident Bank Provides $7.5 Million Refinancing for Shopping Center in Atlantic City, New Jersey

by Hayden Spiess

Atlantic City, N.J. — Provident Bank has provided a $7.5 million loan for the refinancing of Renaissance Plaza, a 76,000-square-foot, grocery-anchored shopping center in Atlantic City. Tenants include Family Dollar, CVS/pharmacy and H&R Block. Daniel Fromm led a Newmark team that placed the debt with Provident Bank on behalf of the borrower, New York City-based investment firm Ashkenazy Acquisition Corp. The loan carries a seven-year term and a fixed interest rate.

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DevelopmentLeasingNew JerseyNews

WHP Global to Open Flagship Babies “R” Us Store in Metro New York City

by Hayden Spiess

East Rutherford, N.J. — WHP Global will open the first flagship Babies “R” Us store at American Dream, a retail and entertainment development comprising 3 million square feet in East Rutherford, roughly 10 miles outside of New York City. In addition to a Baby Registry Lounge, Nursery Design Center, Learning Center and Comfort Zone, the store will feature interactive experiences such as a stroller test track and photo station. The store is scheduled to open this summer. WHP Global acquired the brand in 2021.

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Grocery-anchoredLeasingNew JerseyNews

Onyx, Siguler Guff & Co. Sign Three New Tenants to Central New Jersey Shopping Center

by Hayden Spiess

Hazlet, N.J. — Onyx Equities and Siguler Guff & Co. have signed leases with three new tenants at Hazlet Town Center, a 200,000-square-foot shopping center located in Hazlet, roughly 40 miles outside New York City. Totaling 9,614 square feet, the new leases bring the property — which the two companies acquired as a joint venture in 2016 — to 92 percent occupancy. Pierson Commercial Real Estate arranged the leases on behalf of the owners. K-Pot Korean BBQ will occupy 7,014 square feet; The UPS Store will occupy 1,600 square feet; …

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LeasingNew JerseyNewsVirginia

PREIT Signs New Tenants at 19 Locations

by Hayden Spiess

Philadelphia — PREIT has executed leases with new tenants at 19 locations throughout its portfolio. The new tenants include Daily Thread, which will open stores at 9 locations; Uniqlo, which will open at Cherry Hill Mall in New Jersey; Carter’s, which will lease space at Springfield Town Center in Virginia; Lovisa, which will occupy space at five additional centers; and Windsor Fashions, which will open at three locations.

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