R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — April 24 - May 14, 2020 — 5A
www.marej.com
ENVILLE, NJ — Cushman & Wake- field has arranged Grocery-Anchored Retail Property Boasts Coveted Morris County Address Cushman & Wakefield orchestrates sale of Denville Commons shopping center D
for the sale of Denville Commons, a 7 3 , 0 0 0 s/f grocery- a n c h o r e d s h o p p i n g c en t e r i n Denville. Si tuated
David Bernhaut
on nine acres at 3130 Rte. 10, Denville Commons was acquired by Longpoint Re- alty Partners from Denville Commons Associates LP . The commercial real estate services firm represented the seller and procured the buyer in the $22.6 million trade orchestrated by East Ruther- ford-based investment sales specialists Andrew Merin, David Bernhaut, Gary Ga- briel, Brian Whitmer, Kyle Schmidt, Max Helfman and Seth Pollack , along with An- drew Schwartz of the firm’s
Denville Commons
Morristown office. “In today’s evolving retail landscape, co-tenancies that in- clude food, experiential enter- tainment, fitness, personal ser - vices and other non-traditional uses are key to maintaining a
shopping center’s competitive positioning,” said Bernhaut. Anchored by Corrado’s Mar- ket, the center was 90% leased at the time of the sale to 16 ten- ants, including Goldfish Swim School, Orangetheory Fitness,
Kidville, Bach to Rock, Alexis Diner, Bensi and Verizon, among others. Recent capital improvements, including a complete façade renovation, greatly enhance Denville Com- mons’ curb appeal. The area
boasts strong demographics, including more than 150,000 residents within a 5-mile ra- dius of the property and an average daily traffic count of 50,000 vehicles per day pass- ing the center along Rte. 10.
Helpern and Marks of IPA Capital Markets arranges financing on behalf of First National Realty Ptrs. IPA's Nathanson represents Abrams Realty & Development and procures buyer in sale of 194,106 s/f shopping center
vice president and district manager is Marcus & Millic- hap’s broker of record in New Jersey. The Court at Hamilton was 99% occupied at the time of sale. In addition to Walmart, the center’s tenants include Rainbow, Snipes, Burger King, and an upcoming Capi- tal Health General Medicine practice slated to open in March. Nathanson added: “The attractive nature of a newly developed shopping center anchored by a Walmart Supercenter on a long-term lease at a time when large format retail development has been dormant was a huge demand driver for investors. We are still finding that the bulk of national investor de- mand lies in grocery-anchored shopping centers, especially with the ability to borrow at very attractive interest rates in today’s debt markets.”
HAMILTON TWP. , NJ — Institutional Property Advisors (IPA) , a division of
Marcus & Millichap announced the sale of The Court a t H a m - i l t o n , a 1 9 4 , 1 0 6 s / f s h o p - ping center
Brad Nathanson
anchored by a 150,000 s/f Walmart Supercenter inHam- ilton Twp. The property sold for $19.2 million. “The Court at Hamilton is a necessity-based grocery-an- chored shopping center devel- oped in 2016 in a high-density market with close proxim- ity to Trenton and Princeton. With little to no competition within three miles, Walmart performs extremely well here, with more than $100 million in sales,” said Brad Nathan-
The Court at Hamilton
ers.” Nathanson represented the seller, Abrams Realty & Development and pro- cured the buyer, New Jersey- based First National Realty Partners . Manhattan-based
son , IPA senior managing director. “The area’s high population density and the opportunity to co-tenant with Walmart make the center im- mensely appealing to retail-
Michael Helpern and Chris- topher Marks of IPA Capital Markets, a division of Marcus & Millichap Capital Corp., arranged the debt on behalf of the buyer. Brian Hosey ,
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