April 10, 2020 Comments Off on Grocery-Anchored Denville Retail Changes Hands Views: 440 New Jersey, New York News, Tri-State Area New York

Grocery-Anchored Denville Retail Changes Hands

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Cushman & Wakefield finalized the sale of Denville Commons, a 73,000-square-foot grocery-anchored shopping center in Denville, NJ. The capital markets team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Max Helfman, Seth Pollack and Andrew Schwartz arranged the $22.6-million trade to Longpoint Realty Partners.

The Cushman & Wakefield team represented the seller, Denville Commons Associates LP, and procured the buyer.

Anchored by Corrado’s Market, the center was 90% leased at the time of the sale to 16 tenants, 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 Commons’ curb appeal.

“In today’s evolving retail landscape, co-tenancies that include food, experiential entertainment, fitness, personal services and other non-traditional uses are key to maintaining a shopping center’s competitive positioning,” said Bernhaut.

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