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.
Millville, N.J. — Irgang Group has acquired Union Lake Crossing, a 393,000-square-foot shopping center located on a 43.4-acre site in Millville, a city in southern New Jersey. Ben Bruner of the Bruner Group represented Irgang Group. Chris Munley, James Galbally and Colin Behr of JLL Capital Markets represented the seller, Goodman Properties. Built in 2006, Union Lake Crossing is shadow-anchored by Target and anchored by a recently expanded and remodeled Shop-Rite supermarket, Kohl’s and Ross Dress For Less. Other tenants include Famous Footwear, Party City, Five Below, Buffalo Wild Wings, …
West Orange, N.J. — Three tenants are set to open at The Shoppes at Edison Village, a mixed-use development by Prism Capital Partners located roughly 18 miles outside New York City in West Orange. BK Lobster, SportsMed Physical Therapy and Golden Aide Health & Pharmacy will open in 2022. Fast casual restaurant BK Lobster will occupy a 3,000-square-foot space with outdoor seating; SportsMed Physical Therapy will open a 3,000-square-foot location; and Golden Aide Health & Pharmacy will occupy 1,700 square feet. Deb Stone of RIPCO Real Estate represented Prism in …
Morris Township, N.J. — Accurate Builders & Developers has broken ground on Morris Marketplace, a 140,000-square-foot retail redevelopment project located on the 64-acre former Colgate-Palmolive corporate campus in Northern New Jersey. Accurate Builders is co-developing the project with DeVimy Equities Inc. The center will feature children’s play areas, pocket parks, splash pads and seating areas, as well as outdoor dining and recreational spaces. Committed tenants include Lidl, Starbucks Coffee, AT&T, Orangetheory Fitness and Restore Wellness & Cryotherapy. Construction is expected to be complete in the fourth quarter of 2022, at …
Midland Park, N.J. — Kevin Pelio has joined Midland Park, New Jersey-based commercial real estate firm The Azarian Group as director of leasing. In his new position, Pelio will oversee and lead all aspects of portfolio leasing and strategy for the firm. Prior to rejoining The Azarian Group where he started his career in real estate in 2009, Pelio spent eight years with Simon Property Group, where he was responsible for the execution of inline and auxiliary leasing. Most recently, Pelio served as senior acquisitions and real estate manager for …