Institutional Property Advisors Announces Sale of Newly Developed Service-Oriented Shopping Center in New York City Suburb
January 24, 2025
MORRISTOWN, N.J., Jan. 24, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Morris Marketplace, an essential-oriented, newly constructed shopping center located in Morristown, New Jersey.
“Currently 100% occupied with over 35 restaurant and service-oriented tenants, Morris Marketplace was developed to serve the Downtown Morristown office district, which has over 4.4 million square feet of 93% occupied Class A office space and close to 4,000 apartment units,” said Brad Nathanson, IPA executive director. “Morris Marketplace has the optimal collection of restaurants, beauty, service, and medical tenants to complement the highly successful ShopRite across the street, which has limited shop space.” Nathanson and JP Colussi, IPA senior director, represented the seller and original developer, DeVimy Equities, and procured the Ohio-based buyer, Last Mile Investments.
“I would like to thank IPA and LMI for their thorough diligence and professionalism getting this intricate transaction closed,” said Robert Indig, principal of DeVimy Equities. “It was a true pleasure working with such a great team of deal makers.”
“With unanchored essential based retail becoming an institutional focus in 2024 and going into 2025, the desirability of scale and the associated transaction size drove significant interest,” added Nathanson. “A top tenant roster, including Starbucks, Habit Burger, Jersey Mike’s, Wells Fargo, Panda Express, and Orangetheory Fitness, combined with institutional demographics of more than 132,000 people within five miles and average household income of $182,000 attracted large institutional buyers and private high net worth investors from New York City.
Morris Marketplace is the retail component of a mixed-use redevelopment of the former corporate campus of Colgate-Palmolive. The property is positioned in front of The Collections at Morristown, a Lennar-developed, 143-luxury townhome community.
The 85,513-square-foot shopping center is 25 miles west of New York City in Morris County, the 12th-wealthiest county in the United States. The property is shadow anchored by Lidl, the German supermarket operator with 12,000 global locations, and Burlington Stores.
“Currently 100% occupied with over 35 restaurant and service-oriented tenants, Morris Marketplace was developed to serve the Downtown Morristown office district, which has over 4.4 million square feet of 93% occupied Class A office space and close to 4,000 apartment units,” said Brad Nathanson, IPA executive director. “Morris Marketplace has the optimal collection of restaurants, beauty, service, and medical tenants to complement the highly successful ShopRite across the street, which has limited shop space.” Nathanson and JP Colussi, IPA senior director, represented the seller and original developer, DeVimy Equities, and procured the Ohio-based buyer, Last Mile Investments.
“I would like to thank IPA and LMI for their thorough diligence and professionalism getting this intricate transaction closed,” said Robert Indig, principal of DeVimy Equities. “It was a true pleasure working with such a great team of deal makers.”
“With unanchored essential based retail becoming an institutional focus in 2024 and going into 2025, the desirability of scale and the associated transaction size drove significant interest,” added Nathanson. “A top tenant roster, including Starbucks, Habit Burger, Jersey Mike’s, Wells Fargo, Panda Express, and Orangetheory Fitness, combined with institutional demographics of more than 132,000 people within five miles and average household income of $182,000 attracted large institutional buyers and private high net worth investors from New York City.
Morris Marketplace is the retail component of a mixed-use redevelopment of the former corporate campus of Colgate-Palmolive. The property is positioned in front of The Collections at Morristown, a Lennar-developed, 143-luxury townhome community.
The 85,513-square-foot shopping center is 25 miles west of New York City in Morris County, the 12th-wealthiest county in the United States. The property is shadow anchored by Lidl, the German supermarket operator with 12,000 global locations, and Burlington Stores.
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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.