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JLL Arranges $290 Million Refinancing for 1 Million-Square-Foot Bergen Town Center in Paramus, New Jersey

by Hayden Spiess

Paramus, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957. Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted …

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LeasingNew JerseyNews

Crunch Fitness to Open 32,000-Square-Foot Gym in Springfield, New Jersey

by Hayden Spiess

Springfield, N.J. — Crunch Fitness will open a 32,000-square-foot gym at General Green Shopping Center in the Northern New Jersey community of Springfield. Crunch Fitness will backfill a space previously occupied by NY Sports Club. Marc Palestina and Chuck Lanyard of The Goldstein Group represented the undisclosed landlord in the lease negotiations. Stephen Picurro of Pierson Commercial Real Estate represented the tenant. Other tenants at the center include Gold Valley Supermarket, GNC and Springfield Bagels.

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Company newsNew JerseyNews

Bed Bath & Beyond Files for Chapter 11 Bankruptcy, Will Close All Stores

by Katie Sloan

Union, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing …

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Company newsNew JerseyNews

Greg Maloney, Bill Rose Join Woodcliff Realty Advisors

by Hayden Spiess

Woodcliff Lake, N.J. — Greg Maloney and Bill Rose have joined New Jersey-based Woodcliff Realty Advisors. Maloney previously served as president and chief executive office of JLL Americas Retail and is currently a retail advisor with GTM Associates LLC. Rose is senior managing director of Marcus & Millichap’s Institutional Property Advisors (IPA). Both will maintain their individual practices, with Maloney assisting Woodcliff clients with foreclosures and receiverships, acquisitions and dispositions, and development strategies for converting retail properties to mixed-use. Rose will assist Woodcliff clients in maximizing value by selling or …

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Investment salesNew JerseyNews

Marcus & Millichap Brokers $7 Million Sale of Northern New Jersey Gas Station

by Hayden Spiess

Somerset, N.J. — Marcus & Millichap has brokered the $7 million sale of a gas station and convenience store property occupied by QuickChek in the Northern New Jersey community of Somerset. Matthew Klang and Michael Tuccillo of Marcus & Millichap represented the undisclosed seller and developer in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.

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Company newsEntertainmentLeasingNew JerseyNews

Kingsmen, Good Vibrations to Open Indoor Entertainment Centers Totaling 56,000 Square Feet in Metro New York City

by Hayden Spiess

 Paramus, N.J. — Kingsmen Xperience, a subsidiary of Kingsmen Creatives Ltd., and Good Vibrations will open two branded location-based entertainment (LBE) attractions totaling 56,000 square feet at Westfield Garden State Plaza in Paramus, roughly 25 miles northwest of New York City. Both attractions, Nerf Action Xperience and Planet Playskool, will open later this year and feature immersive activities, retail stores and food and beverage areas. The Nerf attraction will comprise 36,000 square feet, with Planet Playskool occupying 20,000 square feet. These openings mark the beginning of a strategic partnership between …

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DevelopmentLeasingNew JerseyNews

Four New Tenants to Join The Shoppes at Print House in Hackensack, New Jersey

by Hayden Spiess

Hackensack, N.J. — Three new tenants have signed leases at The Shoppes at Print House, a 23-acre redevelopment project currently underway in Hackensack. Hackensack Meridian Health will occupy 6,076 square feet at the development, and Starbucks Coffee and Blue Foundry Bank will lease 3,000 and 2,151 square feet, respectively. Jersey Mike’s will also open a space at the project. Michael Walters, Jonathan Kristofich and Cameron Silverstein of NAI James E. Hanson represented the developers — The Hampshire Cos., Russo Development and Fourth Edition Inc. — in the lease negotiations.

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LeasingNew JerseyNews

H Mart Opens 38,000-Square-Foot Grocery Store at American Dream in Northern New Jersey

by Hayden Spiess

East Rutherford, N.J. — Asian-American grocer H Mart has opened a 38,000-square-foot store within American Dream, a 3 million-square-foot retail and entertainment destination located in East Rutherford. Chuck Lanyard of The Goldstein Group and Jeff Chaus of Chaus Realty represented H Mart, which now operates more than 100 stores worldwide, in the lease negotiations. Canadian conglomerate Triple Five Group owns American Dream.

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FinanceNew JerseyNews

Axiom Capital Secures $2.1 Million Loan for Refinancing of Retail Property in Northern New Jersey

by Hayden Spiess

Teaneck, N.J. — Commercial finance and advisory firm Axiom Capital Corp. has secured a $2.1 million loan for the refinancing of an 11,500-square-foot retail property in the Northern New Jersey community of Teaneck. The freestanding building sits on a three-quarter acre site and was fully leased to a single, undisclosed tenant at the time of sale. The direct lender and borrower were also not disclosed. The nonrecourse loan carries a four-year term and a fixed interest rate.

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Grocery-anchoredInvestment salesNew JerseyNews

Marcus & Millichap Brokers $19.3 Million Sale of Shopping Center Near Philadelphia

by Hayden Spiess

Vineland, N.J. — Marcus & Millichap has brokered the $19.3 million sale of Maintree Shopping Center, a 138,445-square-foot retail center located in Vineland, approximately 40 miles southeast of Philadelphia. Acme anchors the center, which was originally built in 1996. Other tenants include Boston Market, Burger King, Pizza Hut, Sino Wok and Primo Hoagies. Joseph French Jr., Kodi Traver and Thomas Dalzell of Marcus & Millichap represented the seller, a New Jersey-based limited liability company, in the deal. French also procured the buyer, a California-based private investor.

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