R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — June 26 - July 16, 2020 — 5A
www.marej.com
Morris County property anchored by Kings Food Market trades between private investors Cushman & Wakefield arranges sale of Dels Village Shopping Center, Boonton, NJ B footprint in 2015.”
OONTON , NJ — Cushman & Wake - field’s Capital Mar - kets team has arranged the sale of Dels Village Shopping Center, a 51,794 s/f grocery- anchored retail property in Boonton. Located at 115 Hawkins Place, the Kings Food Market- anchored center was sold by ROI Management to an undisclosed private buyer. The commercial real estate services firm represented the seller and procured the buyer in the $12.5 million trade orchestrated by East Ruther - ford-based investment sales specialists Seth Pollack, Andrew Merin, David Ber - nhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and OLD BRIDGE, NJ — R.J. Brunelli & Co., LLC an- nounced the recent completion of leases with Jersey Strong, Dollar Tree, Family Dollar, and local retailers, as well as sales of freestanding restau - rant and retail sites in various parts of New Jersey. The Old Bridge-based retail real estate brokerage’s activ - ity included the lease for a 25,067 s/f Jersey Strong fit - ness center that’s expected to open in the second quarter of 2020 at Dover Park Plaza in Yardville. Located at the intersection of Sunnybrae Blvd. and South Broad St., the 56,000 s/f Mercer County center is co-anchored by CVS. The township recently ap - proved the addition of a 3,000 s/f mezzanine within Jersey Strong that will be utilized for yoga and other fitness classes. Robert Kwiatkowski , R.J. Brunelli VP-tenant represen - tation, represented Jersey Strong in the firm’s capacity as exclusive tenant representa - tive for the chain throughout New Jersey. The firm also represented the landlord on the transaction in its role as exclusive leasing agent for the property, with president and principal Danielle Brunelli serving as listing agent and sales associate Peter Miller
Situated on a 4.4-acre parcel in northern New Jersey’s Mor - ris County, the center is one mile from I-287 and Rte. 202. Morris County consistently ranks in the top 10 wealthiest counties in the nation. “The property’s loyal, highly afflu - ent demographic base is a com - pelling attribute and will keep the center poised for future stability,” added Whitmer. Morris County’s economy is extremely diversified and in - cludes large employers in the pharmaceutical, healthcare services and financial services industries. Over 30 of the na - tion’s Fortune 500 companies are either headquartered or have major facilities in the county. MAREJ nese restaurant that is relocat - ing within the center. Dollar Tree expects to open during the third quarter of 2020 at the 93,251 s/f center, which is anchored by a recently opened Jersey Strong and Walgreens, which previously moved from an inline space to an outparcel with a drive-thru. Brunelli represented both the landlord and tenant on the Dollar Tree transaction. Meanwhile, Brunelli repre - sented the landlord on a lease that will bring a 20,696 s/f Market 516 grocery store to Walgreens’ former inline store and several adjoining spaces at the Rte. 516 center. Mike Horne of CBRE represented the tenant on that transaction. In Union County, the firm brokered an amendment for Family Dollar that extends the chain’s lease at 227 East Front St. in downtown Plain - field and enlarges its footprint from 6,000 s/f to 10,000 s/f. The retailer, which is expand - ing into an adjacent 4,000 s/f former furniture store, will also remodel its existing space. Opening of the expanded space is estimated for the second quarter of 2020. Brunelli and senior sales associate Pete Nicholson represented Fam - ily Dollar on the transaction. MAREJ
Dels Village
proven, durable investment op - portunity,” said Pollack. “Dels Village is currently 97 percent leased with a weighted average remaining lease term of nearly
eight years. Kings, which has anchored the center since 1999, signaled their success at this location by choosing to renovate and expand their
Max Helfman . “The high level of inves - tor demand stemmed from the center’s lengthy history of being well occupied; it’s a
R.J. Brunelli &Co. complete 82,136 s/f in NJ retail transactions
Coat Factory and Staples, soon to be followed by Auto Zone, LA Fitness and Lidl (in a former Acme space). In Ocean County, a free - standing Dollar Tree is ex - pected to open in the fourth quarter of 2020 in a new, ap - proximately 10,000 s/f build - ing at 84 Lacey Rd. inWhiting. Elcan and Associates , a Dol- lar Tree developer, purchased the site from The Kokes Or - ganization. “The contract be - tween Elcan and Kokes was signed in April of 2018, but the sale was not finalized until two years later, reflecting the time it took to receive approvals from all of the governmental entities,” said Brunelli, who represented Elcan on its acqui - sition of the property. Located near Lake Rd., the site is in close proximity to a Stop & Shop-anchored center and a freestanding Rite Aid. Dollar Tree additionally signed for a 10,056 s/f space at 2695 Rte. 516 in Old Bridge R.J. Brunelli, which also serves as exclusive leasing agent for the Middlesex County prop - erty (formerly known as the Browntown Shopping Center), worked with the landlord to create the Dollar Tree site by combining four spaces: a for - mer dollar store, pizzeria and vacant space, along with a Chi -
Dover Park Plaza
serving as project manager. In another transaction at Dover Park Plaza, Miller rep - resented the landlord and ten - ant on the lease for a 1,758 s/f Mama Dude’s restaurant. Ex - pected to open this summer, this will be the first brick-and- mortar location for the popu - lar food truck operator, which features build-your-own bowls with farm-fresh ingredients. The firm also brokered a total of five deals for Dollar Tree and sister retailer Fam - ily Dollar Stores in its role as exclusive leasing representa - tive for the two chains in New Jersey. In Gloucester County, Dol - lar Tree signed a lease for a 9,600 s/f space at Cross Keys Commons, located at 3501 Rte. 42 in Turnersville. The
chain will occupy the former Children's Place space and an adjacent vacancy at the 216,323 s/f center anchored by Walmart, Ross, ULTA, Five Below, and Famous Footwear. Brunelli brokered the lease for Dollar Tree, which plans a sec - ond-quarter 2020 opening at the Brixmor-owned property. Further north in Mercer County, Brunelli brokered Dol - lar Tree’s lease for an 11,015 s/f space formerly occupied by CVS at 2495 Brunswick Ave. in Lawrence Twp. The chain will be relocating from a free - standing building across the street to the recently acquired and renovated 367,267 s/f cen - ter. With an anticipated third quarter 2020 opening, Dollar Tree will join a tenant lineup currently led by Burlington
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