Real Estate Journal — Shopping Centers — March 24 - April 13, 2017 — 9A


M id A tlantic

S hopping C enters

Jaffe was engaged as marketing representative by the previous owner Sheldon Gross Realty brokers deal for 28,000 s/f Asbury Park facility

A SBURY PARK, NJ — A 28,369 s/f for- mer warehouse at 810

Gross Realty, Inc. vice presi- dent Glenn Jaffe was engaged as marketing representative by the previous owner, Flexcraft Company. After multiple inter- ested parties were considered, Asbury Park Brewery was se- lected to lease the location as a tenant. Then, with its business growing, Asbury Park Brewery optioned to purchase the build- ing during the lease term. “It’s always very satisfying when a successful lease leads to the property being purchased,” Jaffe said. “Whenever that hap- pens, it’s a favorable outcome

for all parties involved.” In addition to having once been a warehouse, the build- ing at 810 Sewall Ave. is also known for the Family Dollar Store location that occupies a portion of this property. “Identifying a property that ideally suits your client’s needs can be challenging,” Jaffe adds – and he speaks from experi- ence. He recently also sold Flexcraft its new location, a 120,000 s/f building on 10 acres in Neptune City, NJ. In other Sheldon Gross news, Sheldon Gross Realty, execu-

tive vice president Bob Nathin recently brokered the purchase of a 29,328 s/f building at 18-20 Industrial Rd. and the sale of a two-story, 16,000 s/f structure at 2 Industrial Rd. “There’s intense interest in Fairfield right now, to a degree that’s rather uncom- mon,” Nathin said. “Multiple factors are involved, including limited commercial inventory, and both Route 80 and Route 46 run right through the town. In addition, Fairfield is just a 40-minute drive or one-hour bus trip from midtown Man- hattan.”

The 18-20 Industrial Rd. property – which was occupied for the past decade by Glotel Inc. / Arete Development – was purchased by New Jersey- based Stro Companies, for $2,370,000 ($81 PSF). Eastern Services purchased 2 Industrial Rd., which is located just a short distance from the company’s previous location. Utilized by Sprint/Nextel for the past two decades, the build- ing’s first floor is 60 percent raised computer floor, while the second floor is entirely devoted to office space. The location sold for $810,000 ($50 PSF). n

Sewall Ave. in Asbury Park, NJ has been purchased by Asbury Park Brewery. The trans- action process began when S h e l d o n

Glenn Jaffe

Breslin Realty announces Shake Shack opening Lake Grove, NY — Breslin Realty and Colin Development announced the recent Grand Opening of Shake Shack at their Smith Haven Plaza shopping center on Nesconset Highway (Rte. 347) in Lake Grove, NY. Shake Shack is occupying one end of the pad building formerly occupied by John Harvard’s Brewery & Ale House. It will soon be joined by a brand new Chipotle Mexican Grill, and an AT&T store. Shake Shack is a fast casual restaurant, serving burgers, hot dogs, milkshakes, frozen custards, beer & wine. n The Garibaldi Group sells The Madison Movie Theater MADISON, NJ — After a year on the market, the historic building that houses Madison Cinema 4 has been sold, but the movies will still go on. Ed Flanagan , a vice presi- dent in the Chatham-based Garibaldi Group , confirmed that he along with Michael Witko, a partner at the firm, sold the building at 14 Lincoln Place to SaxumReal Estate . The price listing was not im- mediately available. The building’s new owner is a real estate investment and development company based in Parsippany. “Madison is home to one of New Jersey’s best Main Streets and we are excited for the op- portunity to further enhance this vibrant community,” said Anthony Rinaldi, managing principal with Saxum. “Bow Tie Cinemas is still leasing the first floor of the building for movies,” Flanagan confirmed. n


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