SHORT HILLS, NJ, January 6, 2017
The Blau & Berg Company, a prominent commercial real estate brokerage firm in the New Jersey and Tri-State area since 1932, recently brokered the sale of a 54,126 SF retail property located at 237-249 South Orange Avenue in Newark, NJ, to JJ Operating Inc., a family owned real estate investment and management company based in New York, NY. Alex Conte, CCIM, SIOR, Jason Crimmins, CCIM, SIOR and Peter J. Murano, SIOR of The Blau & Berg Company were the procuring brokers representing the seller and buyer in the transaction.
This free-standing retail property is in a prime location across the street from University Hospital, an independent medical center with more than 500 licensed beds, an active medical staff of more than 600, and over 3,000 employees. Formerly occupied by Pathmark and with Dunkin Donuts leasing 2,100 sq. ft. of space in a corner location on the property, JJ Operating plans to redevelop the building to enhance the exterior, add visibility on Bergen Street and provide customizable space opportunities to retailers, medical offices and other complementary businesses. Significant revitalization occurring in the area has already sparked the influx of national retailers within the vicinity, including well-known brands such as Marshall’s, PNC Bank and Rite Aid.