R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — June 2023 — 25A
www.marej.com
Cruz, Bruno, O’Hearn & Zlotnick rep. seller in $18M sale of neighborhood shopping center JLL Capital Markets arranges the sale of the 90,945 s/f West Falls Plaza in Woodland Park, NJ
W O O D L A N D PARK, NJ — JLL Capital Markets has closed the $18 million sale of West Falls Plaza, a 90,945 s/f neighborhood shopping center in Woodland Park. JLL represented the seller and also procured the buyer, an affiliate of Northeast Capital Group . Located at 1730 Rte. 46, West Falls Plaza is set in a dominant retail hub within the heart of the Passaic Rte. 46/23 sub- market. National and regional retailers in the submarket include Home Depot, Best Buy and Petco, while neighboring centers, such as Plaza 46 (an- chored by Kohl’s) complement the property’s tenant mix and increase drawing power. The property is less than ten miles from several major highways, including I-80, the Garden State Parkway and I-287. Within three miles of the cen- ter is a population of 125,000 and an average household
“He is bringing a wealth of knowledge in the retail land- scape and will be a valuable resource to both our team and clients in this role.” Sands will join manag - ing directors Jordan Lex and Bill Moylan , as well as director Danny Naugh- ton , in a move to establish a deep bench of retail capital markets advisors serving the Mid-Atlantic region. “We look forward to Dean joining the team and lever - aging his significant retail experience, expertise and relationships to better serve our clients,” added Lex. Sands was previously a prin- cipal at Avison Young, where he concentrated on retail in- vestment sales for two years. Prior to joining Avison Young, Sands spent almost 18 years with Eastdil Secured, begin- ning as an analyst in 2002 and ultimately becoming a director with a focus on office and retail transactions. MAREJ
Jose Cruz
J.B. Bruno
West Falls Plaza
Kevin O’Hearn
Michael Zlotnick
income of over $125,000. The JLL team that repre- sented the seller was led by Jose Cruz, J.B. Bruno, Kevin O’Hearn & Michael Zlotnick . “The center’s location and future upside potential were the two drivers that investors focused on during the market-
ing. The capital markets, from both a debt and equity perspec- tive, are reacting favorably to retail, as well,” said Cruz. In other JLL news, Dean Sands has joined the firm’s Retail Investment sales and advisory team as a managing director in the Washington,
DC office. Sands will report to senior managing directors and co- heads of JLL’s Washington, DC office, Andrew Weir and Jamie Leachman . “We are thrilled to have Dean join JLL in our DC of - fice,” said Weir and Leachman.
Levin Management Corporation takes major steps in redeveloping Blue Star Shopping Center with ShopRite’s 72,000 s/f lease
of its bright future, centered on the addition of this state-of- the-art ShopRite. It is always gratifying to work with long- term tenants to accommodate their evolving needs. The end result will be a source of pride for property ownership, every Blue Star tenant and the en- tire community.” Located on Rte. 22 between Terrill and Bonnie Burn Rds., Blue Star Shopping Center is one of the most successful long-time retail destinations for area residents, serving a population of more than 254,000 people within a five- mile radius. Also anchored by Kohl’s and Marshalls, Blue Star Shopping Center houses an outstanding tenant lineup including Dollar Tree, The Children’s Place, Roma Salon, and Hand & Stone Massage and Facial Spa. Its well-rounded dining options in- clude TGI Friday’s, Five Guys, Wendy’s and Arby’s. MAREJ
WATCHUNG,NJ — A new, 72,000 s/f lease and in-center relocation by ShopRite marks the start of the next chapter for Blue Star Shopping Center in Watchung. As the property’s managing and leasing agent, Levin Management Corpo- ration (LMC) is taking major steps to redevelop, renovate and re-tenant the 420,000 s/f destination retail property on Rte 22. LMC’s leasing team served as landlord representative in the lease transaction. Oper- ated by Village Supermarkets, ShopRite has been a Blue Star tenant since 1980. ShopRite will remain opera- tional in its existing space at Blue Star while the new loca- tion is built; the grocer is ex- pected to begin the ground-up development of its brand-new, larger store this summer. Fol- lowing the relocation, LMC will reconfigure the vacated store to accommodate multiple tenants.
ShopRite
LMC secured land use ap- provals for this ambitious redevelopment project, and is spearheading a program of center-wide renovations to modernize Blue Star Shopping Center. This includes façade and common area updates,
an extensive landscaping re- design, and the addition of outdoor seating. New light- ing, parking lot refurbish- ments and the incorporation of infrastructure to support EV charging stations are also in the plan.
“Blue Star Shopping Cen- ter has long served as a pre- eminent Somerset County shopping destination,” said Maxim Gagneron , LMC’s vice president of construction and development. “We are thrilled to unveil the details
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