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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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bed-bath-beyond
Company newsNew JerseyNews

Bed Bath & Beyond Announces 87 Additional Store Closures

by Hayden Spiess

Union, N.J. — Bed Bath & Beyond has announced the locations of 87 flagship stores it plans to close across the country. These closures come in addition to the 150 stores announced for closure in August. The Union, New Jersey-based company will also shutter 48 Harmon drugstores as well as five Buybuy Baby stores. Bed Bath & Beyond missed interest payments on its bonds last week, according to reports by The Wall Street Journal. This came one week after a default notice for overdrawing on credit lines was sent to …

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FinanceGrocery-anchoredNew JerseyNews

Levin Properties Receives $43.2 Million Refinancing for St. Georges Crossing in Central New Jersey

by Hayden Spiess

Woodbridge, N.J. — Levin Properties has received a $43.2 million refinancing for St. Georges Crossing, a 343,423-square-foot shopping center located in the central New Jersey community of Woodbridge. ShopRite anchors the property, which was fully leased at the time of financing. Other tenants include P.C. Richard & Son, PetSmart and TJ Maxx. Jim Cadranell, Gregory Nalbandian and Salvatore Buzzerio of JLL Capital Markets arranged the 12-year, fixed-rate loan through PGIM Real Estate on behalf of Levin Properties.

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Investment salesNew JerseyNews

Marcus & Millichap Brokers $36.5 Million Sale of Shopping Center in Metro Philadelphia

by Hayden Spiess

Marlton, N.J. — Marcus & Millichap’s Institutional Property Advisors (IPA) has brokered the sale of The View at Marlton, a 91,000-square-foot shopping center located in Marlton, roughly 18 miles east of downtown Philadelphia. Paramount Realty Services acquired the property, which was 98 percent occupied at the time of sale, for $36.5 million. Brad Nathanson of IPA arranged the 1031-exchange transaction on behalf of the seller and original developer, a partnership between Abrams Realty & Development and Lazgor Co. Tenants at the property include LA Fitness, AAA, The Malvern School, Truist …

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Grocery-anchoredInvestment salesNew JerseyNews

Marcus & Millichap Arranges Sale of 93,029-Square-Foot Shopping Center in Northern New Jersey

by Hayden Spiess

Vernon Township, N.J. — Marcus & Millichap has brokered the sale of Vernon Valley Plaza, a 93,029-square-foot shopping center in Northern New Jersey’s Sussex County. ACME anchors the property, which was built from 2001 to 2004. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller, an undisclosed developer, and procured the buyer, a private investor, in the transaction. Both parties were New Jersey-based entities. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged a $13.3 million acquisition loan for the deal that carries a five-year …

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Investment salesNew JerseyNews

Marcus & Millichap Brokers $46 Million Sale of New Jersey Commercial Portfolio

by Hayden Spiess

Toms River and Brick, N.J. — Marcus & Millichap has brokered the $46 million sale of the Ocean County Middle Market Portfolio, a collection of 10 commercial properties totaling 310,023 square feet that are located in the Southern New Jersey cities of Toms River and Brick. The portfolio comprises five multi-tenant retail properties, two medical office buildings and three net-leased retail assets, one of which is vacant. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap, along with Brad Nathanson of Institutional Property Advisors, represented the seller, private …

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LeasingNew JerseyNews

Hobby Lobby Signs 58,952-Square-Foot Retail Lease in Eastern New Jersey

by Hayden Spiess

Neptune, N.J. — Hobby Lobby has signed a 58,952-square-foot lease at Neptune Plaza Shopping Center in coastal New Jersey. The Oklahoma-based retailer will backfill a space previously occupied by HomeGoods and Marshalls. Kevin Pelio of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Michael Testa of Jeffrey Realty represented Hobby Lobby, which plans to open in 2024. Neptune Plaza, which totals 215,000 square feet, is now 99.3 percent leased.

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