26A — May 29 - June 11, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal www.marejournal.com
M id A tlAntic Real Estate Journal — Commercial Office Properties — February 23 - March 15, 2018 — 1C
R etail D evelopment R eimagined
OUTH ORANGE, NJ — The Kislak Company, Inc. announced the recent EVP Sweetwood arranges sale of 31,000 s/f mixed-use prop. Kislak sells South Orange Square inNJ for $11.6million S
R.J. Brunelli & Co. achieves 100% occupancy at SC in Yardville, NJ
new anchor: 25,067 s/f Jersey Strong. “To optimize the loca- tion for this statewide fitness chain, we worked with the landlord to reconfigure and combine several narrow, deep, less functional spaces with a former dollar store that served as the centerpiece for the new gym,” Miller said. Those moves included the relocation of Sun Lok Gardens to another space in the center. In addition, R.J. Brunelli helped winmunicipal approval for the construction of a 3,500 s/f mezzanine within the gym to further improve the loca- tion for Jersey Strong, Miller noted. A popular fitness center in New Jersey for 30 years, Jersey Strong took interest in Dover Park Plaza after R.J. Brunelli pointed out that Yardville is a solid fit for the chain’s target demographics. 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. President and principal Danielle Brunelli served as listing agent on the transaction.
YARDVILLE, NJ — Dover Park Plaza in Yardville is 100% leased and repositioned for
the eventu- al V-shaped r e c o v e r y thanks t o a creat ive re - tenant - i ng e f f o r t b y R . J . Brunelli & Co., LLC .
sale of South O r a n g e Squar e , a 31 , 000 s / f mixed used office and re - tail property in South Or- ange, Essex County for $11.6 million.
After acquiring the 58,000 s/f shopping center in a tax- deferred 1031 exchange in 2018, new landlord Dover Park Plaza LLC hired the Old Bridge-based retail real es- tate brokerage to revamp the tenant mix at the decades-old property in Mercer County. At that time, the center, located at 1-23 Sunnybrea Blvd., was about 75% leased, said R.J. Brunelli sales associate Peter Miller , who spearheaded the leasing effort in his role as the property’s project manager. In addition to longstanding operators such as CVS Health, La Forchetta Italian pizzeria, Asian restaurant Sun Lok Gardens and several service- based businesses that have been at the property over 30 years, the mix now includes a
South Orange Square
to the nearby train station that provides midtown direct service to and fromNYC. The address- es are 67-81 South Orange Ave. and 3-11 Scotland Rd. The transit-oriented property includes 21,000 s/f of retail space, 9,000 s/f of second story office space and 1,000 s/f of storage rooms, all with high occupancy histories. Tenants include Verizon, Investors Bank and the South Orange Pharmacy. At the time of closing, the property was 98% leased. Many major interior and exterior capital improvements were completed five years ago. The property offers conve- nience access via front, side
and rear entrances, and park- ing in three adjacent municipal lots. South Orange is a wealthy and diverse community with a thriving downtown only 20 west of New York City. It has been ranked as one of the “Top 25 Towns in New Jersey” by New Jersey Monthly magazine and is home to Seton Hall Uni- versity. Abe Schonfeld of Merid- ian Capital Group arranged financing with Spencer Sav- ings Bank . Sweetwood also sold recently the same pur- chaser another nearby South Orange property, which Mr. Schonfeld also financed with Spencer.
Kislak marketed the prop- erty on an exclusive basis with executive vice president Joni Sweetwood handling the assignment on behalf of a longtime client. Sweetwood also procured the purchaser, another long time and multi- generational client, only a few weeks after initially marketing the property. South Orange Square is an iconic property that sits at the corner of South Orange Avenue and Scotland Road/ Valley Road, the most visible and heavily-trafficked corner (AADT 21,031 cars) in South Orange. It is only a short walk
BORRUS ASSOCIATES Commercial Investment Real Estate NEED INVESTMENT PROPERTIES
Over 40 Years of Excellent Service in Our Community
Marcus & Millic- hap arranges the sale of 11,534 s/f Madison Plaza in Lumberton LUMBERTON, NJ — Mar- cus & Millichap announced the sale of Madison Plaza, a 11,534 s/f retail property located in Lumberton, accord- ing to Sean Beuche , regional manager of the firm’s Philadel - phia office. The asset sold for just under $1 million. Derrick Dougherty and MarkKrantz , investment spe- cialists inMarcus &Millichap’s Philadelphia office along with Brian Hosey broker of the NJ
Julius Borrus Broker & President Borrus Associates 340 Rte 35 South Red Bank, NJ 0771 P: 908-839-0052
firstname.lastname@example.org A Member Of The International Council Of Shopping Centers NY, NJ, CT, PA INVESTMENT REAL ESTATE
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