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Institutional Property Advisors Closes Northern New Jersey Shopping Center Anchored by LA Fitness

May 09, 2022
UNION TOWNSHIP, N.J., May 9, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Greenleaf at Union, a 100%-occupied, 109,828-square-foot community shopping center located on U.S. Route 22 in Union Township, New Jersey.

Developed in 2017, Greenleaf at Union is anchored by a LA Fitness Signature Club and Bob’s Discount Furniture. The center also has 27,000 square feet of small shop space that is 100% occupied by national tenants including Sleep Number, First Watch, Red Wing Shoes and Crumbl Cookies. It is the first shopping center off the Garden State Parkway on Route 22 West that commuters encounter on their way from New York City. Retailers, including Walmart, Home Depot, Target, ShopRite, Lidl, Lowes, and Burlington have some of their highest volume units along the Route 22 retail corridor, which sees approximately 90,000 vehicles travelling eastward daily.

“Greenleaf at Union represents one of the rare new shopping centers built in Northern New Jersey in the past five years. Within close proximity to New York City, the trophy nature of the center’s location along heavily traveled Route 22 is highlighted by the fact it is shadow-anchored by highly successful Costco with combined visits of over 3.5 million in the trailing 12 months,” said Brad Nathanson, IPA senior managing director investments. Nathanson and Steven Siegel, IPA senior managing director investments, represented the seller, Sun Equity Partners LLC, and procured the buyer, Prestige Properties. Sam Shalem, principal for Prestige Properties stated: “Prestige Properties specializes in the acquisition, development and management of institutional-quality retail assets. Greenleaf at Union is a great addition to our more than 5.6 million square feet of retail properties under ownership in the New York, New Jersey, Pennsylvania, Massachusetts, Connecticut and Florida markets.”

 

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About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.

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