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Retail: Slow, But Deals are Still Happening

VINELAND, NJ-While some high-end retailers and properties are struggling, leases, sales and makeovers are still getting done across the state.

By Eric Peterson | Updated on November 12, 2008

VINELAND, NJ-There are retail casualties in the current economic crunch in New Jersey, as there are elsewhere. Names like Circuit City–which is closing some stores in the state–bankrupt New Jersey-based Linens ‘n Things, a shuttered Boscov’s department store in Eatontown, among others, come to mind. But the news isn’t all bad in the state, which has a dense and affluent population that retailers like. Deals are still getting done.

For example, the Burnaby, BC-based Canlan Ice Sports Corp. has leased the 76,500-square-foot Vineland Ice Arena at 2111 Industrial Way here, and will operate it for owner Family Ventures LLC. “The rink in Vineland is part of our long-term plan for strategic expansion into US markets,” says a spokesman for Canlan, which will operate it for training, skating clubs, equipment purchases and the like. The deal was arranged for Family Ventures by the Philadelphia-based Binswanger. Details weren’t released, other than that the lease does include an option to buy.

More traditional tenants are signing leases as well. At the 100,000-square-foot Waretown Town Center in the Ocean County community of the same name, Metro Commercial broker Mark Gerlach has executed several signings. The broker of that firm’s Mount Laurel office is signing a total of more than 10,000 square feet on behalf of owner Coastal Redevelopment Urban Renewal Partners. New to the property are Dunkin’ Donuts, GameStop, Harvest Buffet, Vulcano Italian Restaurant and Great Clips–repped by Metro Commercial’s Peter Nicholson. All are expected to open in early 2009, joining the recently opened, 60,000-square-foot ShopRite supermarket.

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