R.J. Brunelli Completes Sale of ITC Crossing South Shopping Center in Mt. Olive, NJ to Robert Rivani’s Black Lion Investment Group
Brokerage will remain as exclusive leasing agent for Morris County power center anchored by Lowe’s, TJ Maxx, Michael’s, Bed, Bath & Beyond, and shadow-anchored by Walmart; new owner plans facelift and other upgrades to the property.
MT. OLIVE, N.J., Jan. 4, 2022 /PRNewswire/ — R.J. Brunelli & Co., LLC today announced that it brokered the December 2021 sale of the 373,612-square-foot ITC Crossing South shopping center in this Morris County community to Black Lion Investment Group, the fast-growing commercial real estate firm led by 31-year-old real estate entrepreneur Robert Rivani.
The purchase was part of Black Lion’s program to acquire $100 million in power centers throughout the United States in 2021. As with its prior acquisitions, the Beverly Hills-based firm is developing plans for a facelift and other improvements to the 46.72-acre property, which is located at 10-50 International Drive South, just off the intersection of Routes 46 and 80.
R.J. Brunelli, which represented a group of 36 tenants-in-common (TIC) property co-owners on the transaction, has been retained by Black Lion to continue its role as exclusive leasing agent for the property. ITC Crossing South is anchored by Lowe’s, TJ Maxx, Michael’s, Bed Bath & Beyond, PetSmart, and Old Navy, and shadow-anchored by Walmart.
“We are beyond enthusiastic about the potential for growth at ITC Crossing South,” said Robert Rivani, President of Black Lion. “In true Black Lion style, we are going to add tremendous value for our current and future tenants by investing in a full scale renovation that has never been seen before in this trade area. We transacted about $250 million in high-quality assets like this one in 2021, and are looking ahead to an even more promising 2022 for Black Lion and those who do business with us.”
Danielle Brunelli, President/Principal of the Old Bridge, N.J.-based R.J Brunelli, noted that the property currently has a limited amount of specialty retail space available, including two 1,200-square-foot units that could be combined into a 2,400-square-foot store, as well as a 4,600-square-foot space. She added that the firm is in negotiations with a national retailer on a lease for a large portion of the center’s one available big-box space, the 37,961-square-foot former Babies ‘R’ Us store.
“At a time when a number of power centers are still struggling to back-fill vacancies arising from the wave of retail bankruptcies in 2019 and 2020 and the pandemic, the current 88%-leased rate at ITC Crossing South testifies to the quality of this real estate and R.J. Brunelli’s ongoing efforts to keep our tenant mix in tune with the needs of this market,” said Carol Scott, CSM, Managing Director of Los Angeles-based, National Asset Services, (NAS) which had served as asset manager for the center’s former owners. “These factors clearly contributed to the multiple offers we received for this property.”
During the past year, R.J. Brunelli completed leases at the property for the likes of Five Below, AT&T, Amy Murphy’s Salon and Spa, and Rita’s Ice. Five Below and Amy Murphy’s are already open at the site, with AT&T and Rita’s scheduled to follow in 2022.
In rounding out the center’s tenant mix, Ms. Brunelli noted that the firm is seeking to add such uses as fast-casual restaurants, furniture, babies and children’s products, outdoor and recreational apparel, sporting goods, electronics, men’s apparel, vitamins, physical therapy, dental, eyecare, waxing, and music.
With immediate or nearby access to Route 80 (daily traffic count of 85,000 vehicles), Route 46 (35,000 vehicles) and Route 206 (24,000 vehicles), the site draws from such Morris County communities as Roxbury, Ledgewood, Chester, Hackettstown, Netcong, Mt. Arlington, Dover, and Randolph, as well as Hackettstown in Warren County. All told, ITC Crossing South serves a population of 246,826 residents within a 10-mile radius. Average household income is the area is $142,115. The property also benefits from a daytime population of 228,457 within the 10-mile ring, including 71,398 within five miles of the site.
Mario Brunelli, VP-Investment Sales/Principal at R.J. Brunelli was the sales agent on the transaction, while Ms. Brunelli was the listing agent.
For leasing information on ITC Crossing South, contact Danielle Brunelli, (732) 721-5800 or firstname.lastname@example.org