New Jersey

The Shoppes at Edison Village
LeasingNew JerseyNews

Three Retailers to Open at The Shoppes at Edison Village in Metro New York City

by Julia Sanders

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 …

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Morris Marketplace
DevelopmentNew JerseyNews

Accurate Builders Breaks Ground on 140,000-Square-Foot Retail Redevelopment in Northern New Jersey

by Julia Sanders

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 …

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Kevin Pelio
Company newsNew JerseyNews

The Azarian Group Hires Kevin Pelio as Director of Leasing

by Julia Sanders

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 …

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Company newsNew JerseyNewsOhio

Kroger, Bed Bath & Beyond to Collaborate on E-Commerce Offering, In-Store Pilot Program

by Julia Sanders

Cincinnati and Union, N.J. — Cincinnati-based The Kroger Co. and Union, New Jersey-based Bed Bath & Beyond Inc. have unveiled plans for a collaboration to directly offer Kroger customers the home and baby products carried by Bed Bath & Beyond. The products will be available on Kroger’s website as well as a small-scale, physical store pilot program at select Kroger stores beginning in 2022. The products will include bedding, storage, baby furniture and baby gear from both Bed Bath & Beyond and buybuy Baby.

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FinanceNew JerseyNews

Cronheim Mortgage Arranges $9.6 Million Acquisition Loan for Southern New Jersey Shopping Center

by Julia Sanders

Vineland, N.J. — Cronheim Mortgage has arranged a $9.6 million acquisition loan for Maintree Shopping Center, a 140,000-square-foot grocery-anchored retail property located in the Southern New Jersey city of Vineland. Andrew Stewart and David Poncia of Cronheim Mortgage arranged the fixed-rate loan, which carried a five-year term and a 25-year amortization schedule, on behalf of the borrower, Aspen Real Estate. The property was 80 percent leased at the time of the loan closing. The direct lender was an undisclosed, Philadelphia-based credit union.

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LeasingNew JerseyNews

Oink & Moo BBQ and Burgers to Open Second Location in New Jersey

by Julia Sanders

Holmdel, N.J. — Somerset Development has signed a lease with Oink and Moo BBQ & Burgers at Bell Works in Holmdel, about 20 miles from New Brunswick. The Southern-inspired barbecue restaurant will open in October 2021. Oink and Moo will also offer a mobile app for delivery orders, which promises the food’s arrival within 20 minutes. The new Oink and location will also offer a selection of smoker grills, custom marinades, rubs and grill accessories.

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Investment salesNew JerseyNews

JLL Negotiates $9 Million Sale of Retail Property in Downtown Newark

by Julia Sanders

Newark, N.J. — JLL has negotiated the $9 million sale of a 62,275-square-foot retail property with redevelopment potential that is located at 727 Broad St. in one of downtown Newark’s Qualified Opportunity Zones. Michael Oliver, Marta Villa, Jose Cruz, Kevin O’Hearn and Steve Simonelli of JLL represented the undisclosed buyer and seller in the transaction.

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FinanceNew JerseyNews

Axiom Capital Places $17.8 Million Loan for Refinancing of Retail Building in Hillsdale, New Jersey

by Julia Sanders

Hillsdale, N.J. — Axiom Capital Corp. has placed a $17.8 million loan for the refinancing of a 63,000-square-foot retail building in the Northern New Jersey community of Hillsdale. An undisclosed bank provided the loan to the borrower, a private investor and developer. The property has been leased to a single tenant on a triple-net basis since 1979 and was also renovated between 2016 and 2017.

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Arlington Plaza
Investment salesNew JerseyNews

Cushman & Wakefield Brokers $13.5 Million Sale of Retail Center in North Arlington, New Jersey

by Julia Sanders

North Arlington, N.J. — Cushman & Wakefield has brokered the $13.5 million sale of Arlington Plaza, a 37,603-square-foot retail center in North Arlington, about 15 miles west of New York City. Grocer Super Foodtown anchors the property, and other tenants include Dunkin’, Taco Bell and Santander Bank. Seth Pollack, Brian Whitmer, Max Helfman, Andrew Merin, David Bernhaut and Gary Gabriel of Cushman & Wakefield represented the seller, Arlington North Associates, and procured the buyer, a privately held investment firm.

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Macys Furniture
Investment salesNew JerseyNews

NorthBridge Partners Buys Macy’s Furniture Gallery Store in Maple Shade, New Jersey, for $9.8 Million

by Julia Sanders

Maple Shade, N.J. — NorthBridge Partners has purchased the 72,625-square-foot Macy’s Furniture Gallery store in Maple Shade, a suburb of Philadelphia, for $9.8 million. The retail building sits on 9.4 acres and was originally built in 1991. Macy’s has occupied the building since 2001 and recently signed a 10-year lease extension. Andy Merin, David Bernhaut, Andrew Schwartz, Karen Iman, Jordan Sobel, Keith Braccia and Andre Balthazard of Cushman & Wakefield represented the undisclosed seller and NorthBridge Partners in the transaction.

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