R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined —March 18 - April 21, 2022 — 7A


JDA Group expands into Ocean County, NJ

EW YORK, NY — Hobby Lobby, Amer- i ca ’ s l arges t and N Brian Katz & Daniel DePasquale rep. Hobby Lobby Katz & Associates brokers 42,768 s/f lease in New York Hobby Lobby is slated to open in Staten Island in Q1 2023. “Katz & Associates has

Each store offers over 70,000 crafting and home decor prod- ucts including floral, fabric, needle art, custom framing, baskets, home accents, wear- able art, arts and crafts, jewelry making, scrapbooking, and pa- per crafting supplies. Katz & Associates began operations in January of 1996. The company currently main- tains offices in New York City, Charlotte, Boca Raton, Nash- ville, New Jersey, and Orlando. Katz & Associates’ primary focus is assisting retailers, restaurants and landlords in all capacities including strate- gic planning, market analysis, lease and sale negotiations, and dispositions. Our team of seasoned veterans has decades of experience and invaluable market knowledge. MAREJ

worked with Hobby Lobby since 2013, helping with their expan- sion through- out Florida a nd P e nn - sylvania, so it’s really ex-

mo s t c om - p l e t e ar t s - a n d - c r a f t s retailer, will be opening its first store in New York C i t y , a n d Katz &Asso - ciates’ Brian

Brian Katz

Daniel DePasquale

106 North Main St.

and building deeper relation- ships with retailers.” The Lacey Township prop- erty’s location – in an area that lacks retail banking resources and is home to a large senior citizen population – was a key consideration in the acquisi- tion, according to Timothy Connell , vice president of JDA. “Drive-through service has long been a desirable feature of highway retail, and over the past two years during the pandemic these establishments have proven their worth,” Connell noted. “Further, many older adults still prefer face-to-face interac- tions at branch locations, and Ocean County is underserved for retail banking locations.” The 106 North Main St. property is well-located along Rte. 9 and near the Garden State Parkway in the heart of Ocean County. The prop- erty represents the second retail real estate purchase outside of JDA’s home base in Hudson County in recent months. In late 2021, the firm acquired 2215 Rte. 4 East in Fort Lee; the nearly half-acre site features an 1,800 s/f retail building fully occupied by a Starbucks Coffee store and a free-standing Bank of America ATM kiosk. JDA Group is known for its results-oriented approach to real estate ownership, with a development andmanagement track record of successful, ground-up multifamily and commercial adaptive-reuse projects, and more than 100 office tenant buildouts over the past 20 years. One of its prominent build- ings is the Mission 50 office and coworking community in Hoboken, NJ. MAREJ

LACEY TOWNSHIP , NJ — Hoboken-based JDA Group LLC (JDA) is expand- ing into the Ocean County retail real estate market with the acquisition of 106 North Main St. in Lacey Township. The purchase aligns with the development firm’s strategic plan to expand its portfolio with income-producing as- sets – especially those that carry future development op- portunity – in the greater New York/New Jersey region. The two-acre site – situated at the corner of Lacey Rd. and Rte. 9 in the Forked River section of the township – is fully leased to TDBank, which maintains a 6,000 s/f retail bank facility with four drive- through lanes. The property has in-place approvals for up to 5,000 s/f of additional retail GLA. Anthony D’Ambrosia of Marcus & Millichap’s Man- hattan office represented the undisclosed seller in the $5.96 million, off-market transac- tion. JDA handled the deal directly. “We are growing from our traditional Northern New Jersey base with this acqui- sition, yet it represents a natural next step in our long- term growth plan,” said JDA CEO Gregory Dell’Aquila . “Single tenant, triple-net- lease properties are known for their stability and resilience regardless of market condi- tions. Aside from giving us the opportunity to acquire our first stand-alone retail property in Ocean County, this income-producing as- set aligns perfectly with our company’s strategic plan for expanding regionally, seeking redevelopment opportunities,

citing to help this top-notch retailer enter the New York City market with a new store on Staten Island,” said Brian Katz, CEO, Katz & Associates. “We are actively seeking loca- tions in all of the other bor- oughs and expect to have more exciting news soon. Hobby Lobby has more than 900 stores across the nation.

Katz and Daniel DePasquale helped secure the location along with Graeme Keith of The Keith Corp. The new 42,768 s/f store will be located in the former Babies“R” Us space at The Crossing on the Staten Island Mall Ring Road. Alex Varon of Brookfield Proper - ties represented the landlord in-house in the transaction. ORANGE, CT — Marcus & Millichap announced the sale of Planet Fitness - Five Guys - Work ‘N Gear (Home Depot Shadow Anchored), a 31,985 s/f retail property lo- cated in Orange, according to James McGuckin , regional manager of the firm’s New Jersey office. The assets sold for $6.275 million. Alan Cafiero and Matt Leszyk , investment special- ists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a limited liability com- pany. Jerry Kray secured and represented the buyer, a limited liability company. Planet Fitness - Five Guys - Work ‘N Gear (Home Depot Shadow Anchored) is located at 420 Boston Post Rd. in Orange. “The property generated multiple offers due to is long term triple net leases and tre- mendous location. The prop- erty is shadow anchored by Home Depot sitting at a hard corner traffic light on Route 1 (Boston Post Road).” Marcus & Millichap an- nounced the sale of a 16,993 s/f retail property located in East Brunswick, NJ. The asset sold

Marcus & Millichap arranges the sale of a 31,985 s/f retail property in Orange, CT

Planet Fitness on Boston Post Road

393 NJ-18 in East Brunswick, NJ

for $4 million. Alan Cafiero and Brent Hyldahl , investment special- ists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The duo also secured and represented the buyer, an individual/personal trust. The shopping strip is located at 393 NJ-18 in East Bruns-

wick, NJ. The subject property has long term tenants all with NNN leases with minimal landlord responsibility. “The property sold at full asking price. With solid ten- ants and 66,000 cars passing this location daily, we received a high level of local and re- gional investor interest. The center sits on a 1.8-acre lot with access to both NJ- 18 and 6th Street.” MAREJ

Made with FlippingBook - Online catalogs