PISCATAWAY, NJ—CBRE's New York Institutional Properties team of Jeffrey Dunne, David Gavin and Kevin Welsh represented JDA Piscataway LLC, an entity controlled by JDA Development Co., in the sale of Stop & Shop Plaza in Piscataway, NJ, for $27.75 million. The team was also responsible for procuring the buyer, Piscataway HUH 2014 LLC, an entity controlled by The Hampshire Companies.
Stop & Shop Plaza is a highly attractive and visible ±84,134-square-foot retail center situated at the intersection of Stelton Road and New Brunswick Avenue (25,475± cars per day). The center is 97 percent leased and anchored by Stop & Shop, Advance Auto and Investors Savings Bank, which will be constructing a new outparcel building. Well-positioned less than a half mile from I-287, the property is situated in a dense retail corridor with more than 1.3 million sq. ft. within approximately one mile, including Home Depot, LA Fitness, Kohl's, Walmart, Lowe's, Target and Petco.
LEASES
MT. LAUREL, NJ—NAI Mertz completed a 3,000-square-foot lease on behalf of Bluedeer Yoga & Movement Arts at Tuscany Marketplace in Cherry Hill, NJ. Marc Cutler and Rick Gordon, vice presidents of NAI Mertz's retail division, represented both the tenant and the owner of the retail center, The Village Walk LLC, in the transaction. The lease brings the center to 100 percent occupancy. Cutler and Gordon serve as exclusive leasing agents for Tuscany Marketplace.
PHILADELPHIA, PA—VERY Real Estate, a boutique real estate brokerage firm located in Old City Philadelphia, has launched VERY Leasing to expand the brokerage's services. VERY Leasing provides a relationship management solution for real estate owners and investors in Philadelphia's most exclusive neighborhoods: Old City, Society Hill, Northern Liberties, Queen Village/Bella Vista, Washington Square West, Rittenhouse Square, Fitler Square, Art Museum/Fairmount and Graduate Hospital. “The Philadelphia real estate market is in a period of growth. Positive market dynamics are contributing to an influx of investors to the area. We're also seeing a trend among individual property owners who are choosing to rent their properties rather than sell when their lifestyle dictates a change,” says Elizabeth Convery, founder of VERY Real Estate.
EXECUTIVE APPOINTMENTS
EDISON, NJ—Kevin Ranski has joined Bussel Realty Corp. as a vice president – brokerage services. Ranski has more than eight years of commercial real estate sales and marketing experience.
“We are delighted to have Kevin join our firm,” says Steve Bussel, SIOR, president of BRC. “His experience across the real estate spectrum completing leasing and sales transactions in office, warehouse, and retail disciplines will prove invaluable in servicing our clients.”
Ranski previously was director of real estate at KW Commercial in Princeton, NJ. Before that, he was an associate at Blau & Berg in Springfield, NJ, where he specialized in office, industrial, retail leasing and sales with a special focus on medical commercial real estate transactions. Ranski started his real estate career as a sales associate and construction consultant with Daunno Development.
FIRM NEWS
CRANFORD, NJ—Winick Realty Group has expanded its New Jersey office with the lease of a new location at 4 Commerce Drive in Cranford, NJ. The new space doubles the size of the company's existing office. The new 2,500-square-foot office, which opens October 1, allows Winick's New Jersey branch to eventually accommodate upwards of 20 brokers and support staff.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
