Bronstein Properties Acquires The Gardens Shopping Center in New Jersey for $41 Million
Bronstein Properties, LLC has acquired a 100% fee simple interest in The Gardens, a 210,845-square-foot power center located in Mt. Olive Township, Morris County, N.J. The transaction was brokered by RJ Brunelli & Co., representing the seller, Rivani. The property is situated at the intersection of Routes 46 and 80 and features a strong tenant roster including HomeGoods, TJ Maxx, Ross, PetSmart, and Skechers. The sale marks a successful repositioning effort by Rivani, which originally acquired the site (formerly ITC Crossing) in 2021 for $49.8 million. Through strategic leasing and facade improvements managed by RJ Brunelli & Co., the property saw its vacancy rate drop significantly from previous highs of 41%. The center benefits from shadow anchors Walmart and Lowe's and recorded 5 million visits over the last 12 months.
Topics: commercial real estate retail property transaction shopping center sale