M id A tlantic Real Estate Journal — Retail Development Reimagined — May 29 - June 11, 2020 — 23A
R etail D evelopment R eimagined
EW YORK and NEW JERSEY — John Az- arian , CEO of The The Shoppes at North Brunswick announces new lease with Mayweather Boxing The Azarian Group’s portfolio’s occupancy soares to historic levels N
services and a fitness studio. The total renovation of the Pine Brook Plaza, Rte. 46West in Pine Brook, NJ, is now com- plete. There is a space avail- able of 940 s/f. 900 s/f has been leased to a Hair Salon which will be opening soon. 2,115 s/f has been leased to F45 Train- ing, actor Mark Walberg’s fit - ness franchise which will also be opening soon. The Hyde Park Mall, Rte. 9 (Albany Post Rd.) Hyde Park, NY has leased 2,242 s/f to Smoke Depot, which is now open. Remaining vacant spaces range from 2,140 s/f to 16,190 s/f.
Azarian Group L.L.C. and Christopher Kaufman , di- rector of leasing of Azarian Realty Co. announced that The Azarian Group’s portfolio’s oc- cupancy has soared to historic levels. The Azarian Group has signed over seven new leases in recent months. The Azarian Group was founded in 1970 and its portfolio includes 19 com- mercial properties with more than 350 tenants throughout NY and NJ. The Shoppes at North Brunswick, a 150,000 s/f pre- mium lifestyle center, with 43 national stores, services, and eateries located on Rte. 1 in North Brunswick, NJ announced new leases with Mayweather Boxing for 3,000 s/f, The Vitamin Shoppe for 3,134 s/f and Glowout Blow Dry Bar has leased 1,200 s/f. Remaining vacant spaces range from 2,475 s/f to 8,426 s/f . Marcus &Millichap arranges the sale of 11,534 s/f Madison Plaza inLumberton LUMBERTON, NJ — Mar- cus & Millichap announced the sale of Madison Plaza, a 11,534 s/f retail property locat- ed in Lumberton, according to Sean Beuche , regional man- ager of the firm’s Philadelphia office. The asset sold for just under $1 million. Derrick Dougherty and Mark Krantz , investment specialists in Marcus & Millic- hap’s Philadelphia office along with Brian Hosey broker of the NJ office, had the listing to market the property on behalf of the seller. The buyer, also was secured by Dougherty and Krantz. “It is not easy to close a multi-tenant retail deal during a pandemic; however Madison Plaza is a great example of a buyer and seller creatively working together to help move this across the finish line” said Krantz. Madison Plaza, located at 1566 NJ 38 in Lumberton, NJ, is highlighted by service oriented tenants that cater to the local community. The cen- ter presented an opportunity to acquire a stabilized strip (88.36% occupied) center with the ability to lease up 11.64% of the remaining space.
The Shoppes at North Brunswick New store openings include Lash Lounge, Verizon and Pure Barre. Remaining vacant spaces range from 1,323 s/f to 4,434 s/f .
The Livingston Town Cen- ter, 1100-8100 Town Cen- ter Way, Livingston, NJ has leased 612 s/f to a Hair Salon which will be opening soon.
The Montvale Shopping Center, 120 Chestnut Ridge Rd., Montvale, NJ, has leased 1,479 s/f to Fitness Together, which specializes in exercise
Q u a l i t y E n g i n e e r i n g D e s i g n O v e r 3 9 Y e a r s E x p e r i e n c e w w w . e m t e c - e n g i n e e r s . c o m
MULTIFAMILY . MIXED USE DEVELOPMENT . CORPORATE & OFFICE . INDUSTRIAL & WAREHOUSE . RETAIL . HEALTHCARE . HIGHER EDUCATION . TELECOMMUNICATIONS . MISSION CRITICAL FACILITIES . HOTEL & HOSPITALITY . HIGH END RESIDENTIAL
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