4 — September 2026 — Retail Development — M id A tlantic Real Estate Journal
www.marej.com
R etail D evelopment
Azarian Realty signs two leases in Fair Lawn and Oak Ridge, NJ
Danielson, Nadler, Smith and Kanellos close deals Horvath & Tremblay arranges $9.9 Million retail sales
Fair Lawn Medical Arts Building
Kyle Danielson
Matt Nadler
Milton Shopping Plaza
Dash In at 429 Solomons Island Rd.
certain items from a restric- tion or other such mechanism in a lease, you should explicitly list those exclusions where the term is defined in the lease. Exclusivity provisions are “reasonable protections” for a given tenant’s business. If limi- tations are vague, a landlord might devalue a tenant’s lease by bringing in a direct competi- tor. To prevent confusion over exclusivity provisions or princi- pal use clauses, one should use industry-standard definitions. Here To Help: To protect your interests, it is important to ensure that your lease defines not just what is restricted but also exactly where and how that restriction is measured. If you are a landlord or tenant and need help negotiating your commercial lease, Stark & Stark’s Commercial Real Estate Transactions group can assist you. Ryan C. Duffy is an as- sociate and Dipa Rapole is a shareholder at Stark & Stark. Both are based in the firm’s Hamilton, NJ, office. MAREJ In Oak Ridge, Tinga at the Ridge leased 2,500 s/f at Mil- ton Shopping Plaza, bringing the 55,750 s/f center to full occupancy. The restaurant will open its second location, joining Provident Bank, Snap Fitness, USPS, Pepe’s Pawlor and Nick’s Hope. Milton Shopping Plaza is located at the intersection of Berkshire Valley Rd. and Chamberlain Rd. and includes 10 tenant spaces and 186 parking spaces. Kevin Pelio of Azarian Realty Co. represented the landlords and tenants in both transactions. Azarian Realty Co. is the exclusive leasing and property management agent for Fair Lawn Medical Arts Building and Milton Shopping Plaza. MAREJ
to customers. As Aldi’s total footprint exceeded the limit, their lease violated Walmart’s exclusivity rights. Why This Matters: This case highlights several reasons why drafting detailed limitations is vital for com- mercial leases. Without a specific definition of how a restricted area is measured, parties may try to find creative workarounds. In this case, the landlord tried to exclude “non-food” areas like center aisles or storage areas to fit a large-scale supermarket within a small-format restric- tion. To solve this issue, parties should clearly define whether a square footage limitation applies to the entire leasehold premises, a selling area, or even specific product displays. Courts continue to be unwill- ing to rewrite contracts. In this case, the Appellate Division refused to look at extrinsic evidence (like the intent of the parties during negotia- tions) because the contract unambiguously defined “Floor Area”. If you want to exclude continued from page 2 NEW JERSEY — Azarian Realty Co. recently complet- ed two leases at properties it exclusively leases and man- ages, including a medical office lease in Fair Lawn and a retail lease in Oak Ridge. At Fair Lawn Medical Arts Building, Chi Family Medi- cal Health & Wellness leased 1,420 s/f on the second floor. The two-story, 22,000 s/f medi- cal, dental and professional office building includes 12 tenant spaces ranging from 571 s/f to 4,127 s/f and 80 park- ing spaces, including private underground parking. Located near Rte. 208, the property is also home to Labcorp, Kaleidoscope ABA Therapy, Mobile Health Care Family Clinic and Craft Tex- tile Printing Co.
Austin Smith
Hill Kanellos
M
ARYLAND & VIR- GINIA — Hor- vath & Tremblay
has completed the sale of three retail properties in the Mid-Atlantic for a total of $9.905 million. Kyle Danielson, Matt Nadler, Austin Smith and Hill Kanellos completed the $5.15 million sale of a Dash In at 429 Solomons Island Rd. in Prince Frederick, MD. Hor- vath & Tremblay exclusively represented the seller and sourced the buyer. The newly constructed fuel station and convenience store is subject to a 20-year absolute NNN ground lease with four five- year renewal options and 2% an- nual rent increases throughout the primary term and options. The property is located within Armory Square, Prince Freder- ick’s newest retail development along Solomons Island Rd., the area’s primary north-south commercial corridor. It benefits from frontage, visibility and access at a signalized intersec- tion, as well as proximity to CalvertHealth Medical Center and surrounding retail. Danielson and Nadler also
Starbucks at 13241 Rivers Bend Blvd.
facilitated the $2.68 million sale of a Starbucks at 13241 Rivers Bend Blvd. in Chester, VA. Horvath & Tremblay exclusively represented the seller and sourced the buyer. The property was renovated for Starbucks in 2025, and the tenant recently commenced a new 10-year lease with six five-year renewal options. The lease includes 10% rent increases every five years throughout the initial term and renewal periods. Starbucks is positioned along East Hundred Rd. ad- jacent to Rivers Bend Blvd. and serves as an outparcel to a Food Lion-anchored shop- ping center. The property also provides access to I-295, I-95 and U.S. Rte. 1. Danielson and Kanellos com- pleted the $2.075 million sale of a Popeyes at 520 Compass Point Plaza SE in Leesburg,
VA. Horvath & Tremblay rep- resented the buyer. The property consists of a 2,500 s/f drive-thru restaurant on 0.73 acres. Popeyes has 16 years remaining on its abso- lute NNN ground lease with two five-year renewal options and 10% rent increases every five years. The property is located within Compass Creek near the intersection of Compass Creek Pkwy. SE and Battle- field Pkwy. SE, with access to VA Hwy. 267. Nearby retail- ers include Walmart Super- center, At Home, Buffalo Wild Wings, Starbucks, Chipotle and Valvoline. Horvath & Tremblay spe- cializes in the sale of single- tenant net-lease assets and retail shopping centers, in- cluding sale-leasebacks, port- folio dispositions and 1031 exchanges. MAREJ
Drawing the Line: Crafting clear, enforceable exclusives in . . .
Marcus & Millichap brokers $5.9M sale of mixed-use property
WESTFIELD, NJ — Mar- cus & Millichap announced today the sale of 219-225 E. Broad St., a mixed-use prop- erty in Westfield. The asset sold for $5.9 million. “This transaction reflects the continued demand for well-lo- cated mixed-use assets in New Jersey’s strongest downtown markets,” said Alan Cafiero , executive managing director investments in Marcus & Millichap’s New Jersey office. “Westfield’s combination of high-quality demographics, strong retail fundamentals and direct rail access to New
219-225 E. Broad St.
York City continues to attract investors looking for long-term stability and value.” Cafiero, David Cafiero and Damien Rance of Marcus & Millichap marketed the prop- erty on behalf of the seller and procured the buyer.
The property is a two-story, 13,006 s/f building on a 0.26- acre lot. It has five suites and was renovated in 1995. It is fully occupied by Sweetgreen, Club Pilates, Fred Astair Dance Studio, GamifyU and Exploratores. MAREJ
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