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Investment salesNet leaseNew JerseyNews

Pegasus Arranges $55 Million Acquisition of Single-Tenant Property in New Jersey

by Hayden Spiess

Linden, N.J. — Pegasus Investments Real Estate Advisory Inc. and Pegasus Capital Markets Inc. have arranged the $55 million acquisition of a 186,000-square-foot single-tenant retail property located in Linden. Walmart Supercenter fully occupies the property, which is situated on 14 acres, with a 20-year triple net lease. Pegasus represented the buyer, a partnership of investors, in the transaction and secured acquisition financing. Mark Keener and Adam Block of Gallagher Evelius & Jones LLP served as counsel for the buyer. SRS National Net Lease Group represented the seller, a joint venture between …

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Eddie V's
LeasingNew JerseyNews

Two Tenants Join Cherry Hill Mall in New Jersey 

by Hayden Spiess

Cherry Hill, N.J. — Two new tenants have opened at Cherry Hill Mall, a PREIT shopping center located in Cherry Hill. Earlier this month, seafood restaurant Eddie V’s opened at the property, and clothing retailer Psycho Bunny also recently opened a store within the mall. Additionally, the H&M, Garage and Aldo stores at the mall have been remodeled, and Brooks Brothers and UNIQLO are scheduled to join the tenant roster this summer, with Oak & Fort expected to open a store at the property later this year. 

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ISLAND Waterpark NJ
DevelopmentEntertainmentNew JerseyNews

Tower Investments Opens 120,000-Square-Foot Waterpark in Atlantic City

by Hayden Spiess

Atlantic City, N.J. — Tower Investments has developed ISLAND Waterpark, a 120,000-square-foot waterpark located at The Showboat Resort in Atlantic City. Scheduled to open June 30, the property features 11 slides, a surf simulator, man-made waterfall, rollercoaster, zipline course, treehouse, water sports pool, play area for children and a lazy river. Additionally, the waterpark includes six bars and a 10,000-square-foot adults-only space. 

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Investment salesNew JerseyNews

Marcus & Millichap Arranges Sale of 21,080-Square-Foot Retail Property in North Brunswick, New Jersey

by Hayden Spiess

North Brunswick, N.J. — Marcus & Millichap has arranged the $4.4 million sale of Church Lane Plaza, a 21,080-square-foot retail property in North Brunswick, about 40 miles southwest of Manhattan. Built on 2.9 acres in 1991, Church Lane Plaza was 90 percent leased at the time of sale to tenants including Bagel Fresh, Brunswick US Cleaners, Karate School, F45 Fitness and Thai Lotus. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a New Jersey-based limited liability company, in the transaction.

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FinanceNew JerseyNews

Cronheim Mortgage Arranges $50 Million Permanent Loan for Northern New Jersey Shopping Center

by Hayden Spiess

Woodcliff Lake, N.J. — Cronheim Mortgage has arranged a $50 million permanent loan for Tice’s Corner, a 120,000-square-foot shopping center in the Northern New Jersey community of Woodcliff Lake. The two-building center was constructed on 13.4 acres in 2001 and was fully leased at the time of the loan closing. Tenants at the property include Apple, Anthropologie, Free People, GAP, J. Crew, Panera Bread, Pottery Barn, Madewell, Nike and Williams-Sonoma. Dev Morris, Andrew Stewart and Allison Villamagna of Cronheim arranged the loan on behalf of the borrower, an affiliate of Connecticut-based …

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West-Falls-Plaza-Woodland-Park-N.J
Investment salesNew JerseyNews

JLL Brokers $18 Million Sale of Shopping Center in Metro New York City

by Hayden Spiess

Woodland Park, N.J. — JLL Capital Markets has brokered the $18 million sale of West Falls Plaza, a 90,945-square-foot shopping center located in Woodland Park, roughly 20 miles outside New York City. Tenants at the property include The Home Depot, Best Buy and Petco. Jose Cruz, J.B. Bruno, Kevin O’Hearn and Michael Zlotnick of JLL represented the undisclosed seller in the transaction. An affiliate of Northeast Capital Group purchased the property.

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LeasingNew JerseyNews

Azarian Realty Negotiates 9,746-Square-Foot Retail Lease in North Brunswick, New Jersey

by Hayden Spiess

North Brunswick, N.J. — Azarian Realty Co. has negotiated a 9,746-square-foot retail lease at The Shoppes at North Brunswick in Northern New Jersey. Kevin Pelio of Azarian represented the undisclosed landlord in the lease negotiations. David Dunkelman of Soloff Realty & Development represented the tenant, Big Blue Swim School. The new lease brings Shoppes at North Brunswick to 94 percent occupancy.

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Bridgewater-Commons-Bridgewater-N.J
DevelopmentInvestment salesMixed-useNew JerseyNews

Pacific Retail Capital Partners Acquires 1.2 Million-Square-Foot Mall in New Jersey, Plans Redevelopment

by Hayden Spiess

Bridgewater, N.J. — Pacific Retail Capital Partners (PRCP) has acquired Bridgewater Commons, a 1.2 million-square-foot mall located in Bridgewater, roughly 40 miles outside New York City, for an undisclosed price. The Village at Bridgewater Commons, an adjacent 94,000-square-foot open-air shopping center, was included in the acquisition. Tenants at the mall include Bloomingdale’s, Macy’s, Apple, J. Crew, lululemon, Athletica, Williams-Sonoma, The Cheesecake Factory, AMC Dine-In Theatres, LOFT, Maggiano’s Little Italy, Shake Shack and Starbucks Coffee.  PRCP has assumed the property’s existing loan and secured an extension, with plans to transform the …

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Starbucks-West-Windsor-N.J
LeasingNew JerseyNews

Starbucks Coffee Opens 3,000-Square-Foot Café in West Windsor, New Jersey

by Hayden Spiess

West Windsor, N.J. — Starbucks Coffee has opened a 3,000-square-foot café in West Windsor. Situated within The Square at West Windsor, a 220,000-square-foot shopping center, the location includes a drive-thru lane, conference room and outdoor seating patio. Starbucks now leases a portion of the space formerly occupied by Pier 1 Imports. The Container Store will also open at the center in 2024, which is anchored by Lowe’s and Trader Joes. Garden Commercial owns the property.

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Grocery-anchoredInvestment salesNew JerseyNews

Astoria Realty Corp. Sells Northern New Jersey Retail Strip Center for $6.2 Million

by Hayden Spiess

Teaneck, N.J. — Astoria Realty Corp. has sold a 20,413-square-foot retail strip center located in the Northern New Jersey community of Teaneck for $6.2 million. The property was originally built in 1930 and renovated earlier this year. Glatt’s Express Supermarket serves as the anchor of the center, which was 93 percent leased at the time of sale. Karly Iacono of CBRE represented Astoria Realty Corp. in the transaction.

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