6B — June 2024 — Northern New Jersey — M id A tlantic Real Estate Journal
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N orthern N ew J ersey
R.J. Brunelli & Co. signs 16,400 s/f space in Mt. Olive
ORTHERN NJ — The Blau & Berg Company has ar- N Schaasfma reps. Caucasus Auto Import in Newark lease The Blau & Berg Company inks leases totaling ± 7.5 AC
ranged a lease of a ± 5.5 AC par- cel with a ± 11,200 s/f building at 87 Doremus Ave. in Newark. Blau and Berg’s Jason Crim- mins, CCIM, SIOR, Ales- sandro (Alex) Conte, CCIM, SIOR, and Peter Murano, SIOR represented the land- lord, while Blau & Berg senior associate Troy Schaasfma represented the new tenant, Caucasus Auto Import. Located in Newark, the par- cel at 87 Doremus sits less than one mile from Highways 1 & 9, with direct access to the Lincoln Tunnel and I-95, and in close proximity to Newark Liberty International Airport and the Ports of Newark and Elizabeth. “Continued demand for In- dustrial Outdoor Storage (IOS) has made parcels such as this one at 87 Doremus valuable contributors to this growing as- set class as an extension of in- dustrial hubs, especially in and around the port region,” said Jason Crimmins , president of Blau & Berg. “There are a lim- ited number of prime locations
The Gardens in Mt. Olive, NJ
regional tenants points to the strength of this center, which underwent a major renova- tion under owner Black Lion Investment Group .” The Gardens’ new Fitness Factory will be the second loca- tion in Morris County for the Edgewater-based chain, which currently has 17 company- owned and franchised health clubs in operation or under development in Northern and Central New Jersey, as well as Westchester County and Harlem in New York. The company also plans to expand into Pennsylvania. Brunelli represented the property owner on all of the aforementioned leases, while Jerry Welkis of Welco Re- alty represented Home Goods, Amy Staats of Katz & As- sociates represented Ross, Mike Horne of Ripco repre- sented Boot Barn, and Sean Pyle of Sabre represented Skechers. Meanwhile, Chipo- tle was represented by Glenn Beyer of Newmark and Pan- da Express was represented by David Dunkelman of Soloff Realty & Development . “Choosing The Gardens was very simple since it checked off the strategic and class A real es- tate boxes on our list,” said Fit- ness Factory managing member Richard Scarpati. “This loca- tion gives us a catbird seat in the upper northwest quadrant of New Jersey, which is starv- ing for a big-box, full-service premium facility, and we will be flanked by our huge sister location in Rockaway. We are anxious to become part of and service the Flanders community and other nearby towns.” Among the other recent ten- ants, Home Goods occupies 26,000 s/f of the former Babies ‘R us space, with the remaining 11,745 s/f taken by Skechers. The 20,000 s/f Ross took over the vacant Old Navy space. With immediate or nearby access to Rte. 80, Rte. 46 and Rte. 206, ITC Crossing South serves a population of 246,826 residents within a 10-mile radius. MAREJ
MT. OLIVE, NJ — Fitness Factory Health Club will be bringing its personalized ap- proach to training this sum- mer to The Gardens shopping center (formerly ITC Crossing South) in this Morris County community. In anticipation of the opening, the company has commenced pre-sales of memberships to the club. R.J. Brunelli & Co. , leas- ing agent for the 373,612 s/f power center, signed the fast-growing regional health club to a 16,400 s/f space that occupies the remaining por- tion of the property’s former Bed, Bath & Beyond store. The 13,800 s/f balance of that space was occupied by the re- cently opened Boot Barn—the national western wear and casual apparel chain’s first lo- cation in northern New Jersey. Fitness Factory and Boot Barn join a list of newcomers to the property that includes the recently opened Ross as well as Skechers. Home Goods opened at the site in Summer 2023. These will be followed in the fourth quarter of this year by a 2,500 s/f Panda Express and a 2,325 s/f Chipotle Mexi- can Grill in a newly developed pad site building. Chipotle will offer drive-thru service. Located just off the intersec- tion of Rtes. 46 and 80 in the Flanders section of Mt. Olive Twp., The Gardens features such other major retailers as Lowe’s, TJ Maxx, Home Goods, Michael’s, PetSmart and Five Below. An adjoining Walmart, which owns its store site, serves as a shadow anchor. “With these latest deals, we’re pleased to report that The Gardens is now 98%-leased,” said Danielle Brunelli , president and prin- cipal of Old Bridge, NJ-based R.J. Brunelli." In the past two years, we backfilled ma- jor vacancies arising from bankruptcy-driven closures of Babies ‘R Us and Bed, Bath & Beyond, as well as the departure of Old Navy. The execution of leases with these exciting new national and
87 Doremus Ave. in Newark
available to meet the logistics needs of those looking to oper- ate in this space, so we were especially pleased we could arrange this lease between the landlord and Caucasus through our in-house relationships.” In Carlstadt, The Blau & Berg Company has finalized a lease extension on a ± 2 AC truck terminal on Avenue A. The lease extension was bro- kered by Crimmins, Murano, and Crimmins. The facility features a ± 7,500 s/f maintenance and
transload facility with six docks and two drive-ins. The property sits in close proximity to Interchange 16w of the NJ Tpke., adjacent to the Mead- owlands Sports Complex, and Rte. 17, Rte. 46 and Rte. 3. “Location was a key vari- able in the tenant committing to extending the lease on this property”, said Crimmins. “Well positioned distribution and truck facilities in this area are still in demand due to the limited amount of IOS parcels in the Meadowlands.” MAREJ
Marcus & Millichap facilitates $6.1M sale of mixed-use property in Downtown Hoboken, NJ
HOBOKEN, NJ — Mar- cus & Millichap announced the sale of an 11,120 s/f mixed- use property in Hoboken, for $6.1 million. “Hoboken remains a highly desirable market for inves- tors despite the challenging debt environment. Location, national retailers, and strong apartment rental demand have helped sustain values in town,” said Devin Perez . “When we brought the prop- erty to market, interest rates were still moving targets, and our team was able to produce over a dozen offers despite the turbulent market. Ultimately, the seller chose the most quali- fied buyer with the best terms at full price.” Perez, Brent Hyldahl, and Alan Cafiero , investment specialists in Marcus & Mil- lichap’s New Jersey office, had the listing to market the property on behalf of the seller and procured the buyer, a private investor. The mixed-use property is located at 202-204 Hudson St., in downtown Hoboken, steps away from Washington St. and
11,120 s/f mixed-use property in Hoboken, NJ
0.2 miles from the Hoboken PATH station, offering direct access to Manhattan. The prop- erty comprises 15 units in total, including 13 residential apart- ments with an on-site laundry facility, and two ground-floor retail units: Jersey Mike’s and J & J Body Works. In other news, Marcus & Millichap announced the sale of The Vitamin Shoppe, in Union, New Jersey. The asset sold for $3,545,000. “Net-leased assets along ma- jor retail corridors in northern New Jersey continue to be
in high demand,” said Alan Cafiero, senior managing di- rector of investments. “The Vitamin Shoppe is located on one of the most highly sought- after stretches of commercial highway in New Jersey, Center Island, Rte. 22.” Cafiero, David Cafiero, and Dean Matuszewicz , investment specialists in Mar- cus & Millichap’s New Jersey office, had the listing to mar- ket the property on behalf of the seller, the Klein Group LLC , and secured the buyer, G Mason Group LLC. MAREJ
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