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Copper Property Trust Sells Seven East Coast JCPenney Stores for $65.2 Million

by Hayden Spiess

Jersey City, N.J. — Copper Property CTL Pass Through Trust has sold seven JCPenney retail locations on the East Coast in three transactions totaling $65.2 million. The assets include stores in Delaware, Maryland, New Hampshire and Virginia. The buyers were not disclosed. Copper Property is a New York common law trust that was established to acquire 160 retail properties and six warehouse distribution centers from department store chain JCPenney as part of the retailer’s Chapter 11 reorganization plan. The stores are located at the following malls and shopping centers: Christiana …

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bed-bath-beyond
Company newsNew JerseyNews

Bed Bath & Beyond to Close 150 Stores, Cut Staff, Restructure Debt

by Katie Sloan

Union, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) announced this morning that it will close approximately 150 of its lower-producing stores across the country. The Union-based home goods retailer also revealed that it is cutting its workforce by about 20 percent across its corporate and supply chain staff. Additionally, the company has secured more than $500 million in new financing, including the expansion of an existing credit line and a new $375 million loan. Bed Bath & Beyond says that these moves are in effort to meet demand of …

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Investment salesNew JerseyNews

Jeffery Realty Negotiates Sale of 3,800-Square-Foot Retail Building in West Caldwell, New Jersey

by Katie Sloan

West Caldwell, N.J. — Jeffery Realty has negotiated the sale of a 3,800-square-foot retail building in the Northern New Jersey community of West Caldwell. The property at 559 Bloomfield Ave. currently houses an AAMCO auto repair shop. Bill Farkas of Jeffery Realty represented the seller in the transaction. Jon Corbiscello of Keller Williams represented the buyer, a private investor. Both parties requested anonymity.

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BurgerFi-Ellisburg
DevelopmentLeasingNew JerseyNews

Three Tenants to Open at Ellisburg Shopping Center in Cherry Hill, New Jersey

by Katie Sloan

Cherry Hill, N.J. — Three new tenants are set to open at Ellisburg Shopping Center, a retail property developed by Federal Realty Investment Trust in Cherry Hill. New openings are set to include a 14,346-square-foot Wren Kitchens, set to open this winter; a 8,564-square-foot Adventure Kids Playcare, scheduled to open this fall; and a 3,000-square-foot BurgerFi restaurant, which will open on Sept. 7. Additional tenants at the center include Whole Foods Market, Buy Buy Baby and Restoration Hardware. 

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Westfield-Garden-State-Plaza-Paramus
DevelopmentMallsNew JerseyNews

Unibail-Rodamco-Westfield Plans Redevelopment of Westfield Garden State Plaza in Northern New Jersey

by Katie Sloan

Paramus, N.J. — Unibail-Rodamco-Westfield (URW), a shopping center owner-operator based in France, has unveiled plans to redevelop Westfield Garden State Plaza, a 2.1 million-square-foot regional mall in the Northern New Jersey community of Paramus. According to Forbes, Westfield Garden State Plaza remains one of the best-performing regional malls in the country. But about 10 years ago, URW began planning a long-term redevelopment to distinguish the property from and compete with American Dream, Triple Five Group’s entertainment-heavy mega-mall that is located within the Meadowlands sports complex in nearby East Rutherford. To that …

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Investment salesNew JerseyNews

SRS Real Estate Brokers $8.8 Million Sale of Southern New Jersey Retail Property

by Katie Sloan

Brooklawn, N.J. — SRS Real Estate Partners has brokered the $8.8 million sale of a 1.5-acre retail property in the Southern New Jersey community of Brooklawn. The site houses a 4,950-square-foot structure that was built in 2019 and is leased to convenience store operator Wawa. Britt Raymond, Kyle Fant and Sabrina Kortlandt of SRS represented the seller, a New York-based hotelier, in the transaction. Winston Guest, also with SRS, represented the buyer, a California-based 1031 exchange investor.

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Franklin-Towne-Center
Grocery-anchoredInvestment salesNew JerseyNews

Stan Johnson Co. Arranges $56 Million Sale of 138,000-Square-Foot Shopping Center in Franklin Park, New Jersey

by Katie Sloan

Franklin Park, N.J. — Stan Johnson Co. has arranged the $56 million sale of Franklin Towne Center, a 138,000-square-foot shopping center located in Franklin Park. Stop & Shop anchors the property, which was developed in 1990. Isaiah Harf of Stan Johnson represented the seller, a New York-based developer, in the disposition of the center to an investment firm based in New Jersey. 

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Nerf-Xperience
Company newsNew JerseyNews

Kingsmen Xperience and Hasbro Bringing New Entertainment Concepts to U.S.

by Katie Sloan

Singapore and Paramus, N.J. — Kingsmen Xperience, the U.S. location-based experienced focused subsidiary of Singapore-based Kingsmen Creatives Ltd. and Hasbro Inc. will be opening the first North American location of Nerf Action Experience and the world’s first Planet Playskool kids experience at Westfield Garden State Plaza in Paramus in 2023. Both indoor entertainment centers will feature multiple activity zones, food and beverage areas, and retail stores.  The Nerf Action Xperience at Westfield Garden State Plaza will be over 25,000 square feet in size and is designed to bring the Nerf …

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LeasingNew JerseyNews

Azarian Realty Signs Two New Tenants at Northern New Jersey Shopping Center

by Katie Sloan

Livingston, N.J. — Azarian Realty Co. has signed two new tenants to leases at Livingston Town Center, a 65,000-square-foot shopping center in the Northern New Jersey city of Livingston. Spa concept Bleu Mirage Aesthetics has leased 1,886 square feet, and food and beverage user Mango Mango Dessert has leased 1,323 square feet. Kevin Pelio of Azarian Realty represented both parties in the first set of lease negotiations. Pelio and James Azarian represented both sides in the second deal.

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FinanceNew JerseyNews

JLL Arranges $21.5 Million Loan for Refinancing of Northern New Jersey Shopping Center

by Katie Sloan

Sparta, N.J. — JLL has arranged a $21.5 million loan for the refinancing of Sparta Town Center, an 87,984-square-foot shopping center in Northern New Jersey. Anchored by Stop & Shop, the center was fully leased at the time of the loan closing to tenants including Lakeland Bank, Supercuts, Sports Care Institute, Spavia, Mathnasium and Anthony Franco’s Pizza. Thomas Didio, Thomas Didio Jr. and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through Aegon Asset Management on behalf of the borrower, an affiliate of locally based developer Hekemian & Co. …

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