R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined —January 21 - February 17, 2022 — 23A
www.marej.com
Munley, Galbally and Behr at JLL Capital Markets represent the seller Ben Bruner, of the Bruner Group brokers 393,000 s/f power center on behalf of IrgangGroup
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12 months--the property’s pa - trons travel from well beyond the primary market. “In the months ahead, we look forward to working with our broker, Metro Commer- cial Real Estate , on leasing up the balance of the center’s space, introducing new tenants that will make Union Lake Crossing even more appealing to residents in this region,” said Irgang. “The upside from those opportunities, coupled with the Vineland-Millville market’s emergence as a grow - ing center for cold storage and warehouse developments, made this acquisition very ap - pealing to our group.” “We currently have many ac - tive proposals which are being negotiated for the center,” said JosephDougherty , executive vp and principal with Metro Commercial. Targeted uses include apparel, furniture, home décor, hardware/home improvement, medical, enter - tainment, and restaurants. “In particular we have the potential to add coveted drive-
through lanes for restaurants at an available endcap space as well as a yet-to-be-developed pad site,” Dougherty added. Irgang Group was repre - sented on the acquisition by Ben Bruner , president of the Bruner Group , while the seller was represented by Chris Munley , senior manag - ing director; James Galbally , senior managing director; and Colin Behr , senior director, all at JLL Capital Markets . “Mark and his team were a pleasure to work with during the transaction. Acquiring a dominant ShopRite-anchored center such as this will be an excellent anchor to their growing retail portfolio,” Mr. Munley said. “With Union Lake being our team’s 16th grocery-anchored shopping center sale in 2021, the velocity behind well posi - tioned properties of this type remains robust. Irgang Group acquired exactly what most investor groups are pursuing during this competitive pro - cess,” said Behr. MAREJ In rounding out the center’s tenant mix, Brunelli noted that the firm is seeking to add such uses as fast-casual restaurants, furniture, babies and children’s products, out - door and recreational apparel, sporting goods, electronics, men’s apparel, vitamins, phys - ical therapy, dental, eyecare, waxing, and music. With immediate or nearby access to Rte. 80 (daily traf - fic count of 85,000 vehicles), Rte. 46 (35,000 vehicles) and Rte. 206 (24,000 vehicles), the site draws from such Morris County communities as Rox - bury, Ledgewood, Chester, Hackettstown, Netcong, Mt. Arlington, Dover, and Ran - dolph, as well as Hackettstown in Warren County. Mario Brunelli , VP-invest - ment sales/principal at R.J. Brunelli was the sales agent on the transaction, while Ms. Brunel - li was the listing agent. MAREJ
ILLVILLE, NJ — Irgang Group an - nounced the pur -
chase of Union Lake Crossing, a 393,000 s/f power center serving the greater Millville- Vineland market in southern New Jersey. The real estate investment and management firm ac - quired the 43.39-acre site from Goodman Properties . Built in 2006, Union Lake Crossing is shadow-anchored by Tar - get, and houses a mix led by a recently expanded and remod - eled Shop-Rite supermarket, Kohl’s, Ross Dress For Less, Staples, and PetSmart. Other notable tenants in - clude Famous Footwear, Party City, Five Below, Buffalo Wild Wings, Moe’s Southwest Grill, and Sonic. Over 95% of the property’s occupied space is held by national tenants. Located in the heart of Cum - berland County’s regional shopping hub, the property is situated at the signalized intersection of North 2nd St. (State Hwy. 47) and Union
Union Lake Crossing
Lake Blvd., with easy access to State Hwy. 55, a major north- south freeway in southern New Jersey. As the county’s main retail corridor, Hwy. 47 has an aver - age daily traffic count of 31,816 vehicles. A 2017 master rede - velopment plan established the Rte. 47 corridor as the nexus of all future economic development in the greater Cumberland County market. Meanwhile, Hwy. 55, located about 1,000 feet from the site, has a daily traffic county of 27,300. “Between its strategic loca - tion, dominant anchors and
solid mix of sub-anchors and smaller tenants, Union Lake Crossing ranks as the most- visited open-air retail center within a 15-mile radius, draw - ing 4.1 million shoppers over the last 12 months,” said Mark Irgang , CEO of Irgang Group. The property draws from a primary market that includes 94,062 people in 33,580 house - holds within a seven-mile radius. Average household income in the area is $71,574. But with its 73,740-square-foot ShopRite ranked as the second most visited grocer within a 30-mile radius—drawing 1.6 million visitors over the past
R.J. Brunelli completes sale of ITC Crossing South Shopping Center in Mt. Olive, NJ to Robert Rivani’s Black Lion Investment Group
into a 2,400 s/f store, as well as a 4,600 s/f space. She added that the firm is in negotiations with a national retailer on a lease for a large portion of the center’s one available big-box space, the 37,961 s/f former Babies ‘R’ Us store. “At a time when a number of power centers are still strug - gling to back-fill vacancies arising from the wave of retail bankruptcies in 2019 and 2020 and the pandemic, the cur - rent 88%-leased rate at ITC Crossing South testifies to the quality of this real estate and R.J. Brunelli’s ongoing efforts to keep our tenant mix in tune with the needs of this mar - ket,” said Carol Scott, CSM , managing director of National Asset Services, (NAS) which had served as asset manager for the center’s former owners. “These factors clearly contrib - uted to the multiple offers we received for this property.”
MT. OLIVE, NJ — R.J. Brunelli & Co., LLC has brokered the December 2021 sale of the 373,612 s/f ITC Crossing South shopping cen - ter to Black Lion Invest- ment Group , the firm led by 31-year-old real estate entre - preneur Robert Rivani . The purchase was part of Black Lion’s program to ac - quire $100 million in power centers throughout the United States in 2021. As with its prior acquisitions, the Beverly Hills-based firm is developing plans for a facelift and other improvements to the 46.72- acre property, which is located at 10-50 International Dr. South, just off the intersection of Rtes. 46 and 80. R.J. Brunelli, which repre - sented a group of 36 tenants- in-common (TIC) property co-owners on the transaction, has been retained by Black Lion to continue its role as
ITC Crossing South
leasing agent for the prop - erty. ITC Crossing South is anchored by Lowe’s, TJ Maxx, Michael’s, Bed Bath &Beyond, PetSmart, and Old Navy, and shadow-anchored by Walmart. “We are beyond enthusiastic about the potential for growth at ITC Crossing South,” said Robert Rivani, president of Black Lion. “In true Black Lion style, we are going to add tremendous value for our current and future tenants by investing in a full scale renovation that has never been
seen before in this trade area. We transacted about $250 million in high-quality assets like this one in 2021, and are looking ahead to an even more promising 2022 for Black Lion and those who do business with us.” Danielle Brunelli , presi - dent/principal of the Old Bridge based R.J Brunelli, noted that the property cur - rently has a limited amount of specialty retail space avail - able, including two 1,200 s/f units that could be combined
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