Cushman & Wakefield Arranges Sale of Grocery-Anchored New Jersey Asset
- Apr 08, 2020
Cushman & Wakefield has facilitated the $22.6 million sale of Denville Commons, a 73,000-square-foot shopping center in Denville, N.J. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Max Helfman and Seth Pollack, together with Andrew Schwartz, represented the seller and procured the buyer, Longpoint Realty Partners.
Situated on 9 acres at 3130 Route 10, Denville Commons was 90 percent leased at the time of sale. The Corrado’s Market-anchored retail asset has a mix of 16 national and local brands on the tenant roster, such as Goldfish Swim School, Orangetheory Fitness, Kidville, Bach to Rock, Alexis Diner, Bensi and Verizon. The property recently underwent capital upgrades, including a complete facade renovation.
The shopping center is less than 4 miles southwest of downtown Denville. According to Cushman & Wakefield, there are more than 150,000 residents living within a 5-mile radius of the property.
In November, a Cushman & Wakefield team including Merin, Bernhaut, Gabriel, Whitmer and Schmidt arranged the $125 million sale of Vernon Hills Shopping Center. The five-building property in suburban New York totals more than 380,000 square feet.