MT. OLIVE, NJ, January 4, 2022 /PRNewswire/ — RJ Brunelli & Co., LLC today announced that it has negotiated the December 2021 sale of the 373,612 square foot ITC Crossing South shopping center in this Morris County community at Black Lion Investment Group, the fast-growing commercial real estate company led by a 31-year-old real estate entrepreneur Robert Rivani.
The purchase was part of Black Lion’s program to acquire $100 million in centers of power across United States in 2021. As with its previous acquisitions, the Beverly Hills-based company is drawing up plans for a facelift and other improvements to the 46.72-acre property, which is located at 10-50 International Drive South, just off the intersection of routes 46 and 80.
RJ Brunelli, who represented a group of 36 Tenant-in-Common (TIC) property co-owners on the transaction, has been retained by Black Lion to continue his role as exclusive letting agent for the property. ITC Crossing South is anchored by Lowe’s, TJ Maxx, Michael’s, Bed Bath & Beyond, PetSmart and Old Navy, and anchored by Walmart.
“We are more than excited about the growth potential of ITC Crossing South,” said Robert Rivani, President of the Black Lion. “In true Black Lion style, we will add tremendous value to our current and future tenants by investing in a large-scale refurbishment never seen before in this commercial area. We have negotiated approximately $250 million in high-quality assets like this in 2021, and look forward to an even brighter 2022 for Black Lion and those who do business with us. »
Danielle BrunelliPresident/Director of Old Bridge, New Jersey-based RJ Brunelli, noted that the property currently has a limited amount of specialty retail space available, including two 1,200 square foot units that could be combined into a 2,400 square foot store, as well as a a 4,600 square foot space. She added that the company is in negotiations with a national retailer on a lease for much of the center’s available big-box space, the former 37,961-square-foot Babies ‘R’ Us store.
“At a time when a number of power centers are still struggling to fill vacancies resulting from the wave of retail bankruptcies in 2019 and 2020 and the pandemic, the current 88% rental rate at ITC Crossing South is a testament to the quality of this real estate and RJ Brunelli’s continued efforts to keep our tenant mix in line with the needs of this market,” said Caroline ScottCSM, Managing Director of Los Angeles-based, National Asset Services, (NAS) which had served as the asset manager for the centre’s previous owners. “These factors have clearly contributed to the multiple offers we have received for this property.”
Over the past year, RJ Brunelli has completed leases on the property for companies like Five Below, AT&T, by Amy Murphy Salon and Spa, and Rita’s Ice. five below and by Amy Murphy are already open on the site, with AT&T and Rita expected to follow in 2022.
Rounding out the center’s tenant mix, Brunelli said the company is looking to add uses such as quick-service restaurants, furniture, baby and children’s products, outdoor and recreational apparel, sporting goods, electronics, men’s clothing, vitamins, physical therapy equipment, dental care, eye care, waxing and music.
With immediate or nearby access to Route 80 (daily traffic of 85,000 vehicles), Route 46 (35,000 vehicles) and Route 206 (24,000 vehicles), the site taps into these Morris County communities like Roxbury, Ledgewood, Chester, hackettstown, netcong, Mount Arlington, Doverand Randolphas well as hackettstown in Warren County. In total, ITC Crossing South serves a population of 246,826 within a 10-mile radius. The average household income corresponds to the area $142,115. The property also benefits from a daytime population of 228,457 within the 10-mile ring, including 71,398 within five miles of the site.
mario brunelliVP-Investment Sales/Principal at RJ Brunelli was the selling agent for the transaction, while Ms. Brunelli was the listing agent.
For information on renting ITC Crossing South, contact Danielle Brunelli(732) 721-5800 or [email protected]
About RJ Brunelli & Co., LLC
RJ Brunelli & Co. serves as the exclusive broker for 31 commercial properties with a combined gross leasable area (GLA) greater than 2 million square feet, and five properties for sale. Properties are located everywhere New Jersey. The firm also acts as the exclusive or preferred representative of the tenants of 22 retail, restaurant and service chains. These include representation in various New Jersey, new York and Pennsylvania counties for companies such as Dollar Tree, Family Dollar, Raising Cane’s Chicken Fingers, My CBD Organics, European Wax Center, Asian Food Markets and New Jersey Spine and Wellness.
About the Black Lion Investment Group.
Black Lion Investment Group is a private commercial real estate investment company led by the Chairman Robert Rivani. The company has made more than $250 million in 2021, of which almost $100 million in major shopping centers with the purchase of Oracle Wetmore Shopping Center in Tucson, Arizona at the beginning of last year for $38 million. The company’s current plans include the development and redevelopment of retail, hospitality and mixed-use assets in several high-growth markets. Black Lion recently invested more than $100 million in the South Florida market alone, with transformative developments and redevelopments such as the Wynwood Jungle, upscale restaurants at SLS Lux Brickell and Hyde Beach, and the Brickell Bay Boardwalk. For more information about the company and its portfolio of properties, visit BlackLion.inc.
Press contacts: At RJ Brunelli & Co., LLC, Danielle Brunelli, president, (732) 721-5800; at Jaffe Communications Bill Parness, [email protected](732) 673-6852, or Elisa Krantz, [email protected]: (908) 789-0700; for Black Lion Investment Group: AJ Kumar, [email protected]. or (714) 333-8988
SOURCERJ Brunelli & Co.