CBRE recapped leasing transactions through Q3 2021 by its retail team of Steven Winters, Michael Horne and Mitzi Villa, who together closed 40 sales and leasing transactions totaling more than 1.6 million square feet and valued at over $168 million.
“Retail activity picked up significantly in New Jersey this year and as pandemic restrictions ease, we expect to see a shift back to service-related retail in the months ahead,” said Winters.
Eatontown Plaza in Monmouth County provided a good snapshot of leasing activity this year. The CBRE team represented ARC Trust and secured six leases totaling more than 110,000 square feet, including a new 60,000-square-foot Target, Total Wine, Party City, Sleep Number and Chick-fil-A, plus a long-term renewal by TJ Maxx.
LA Fitness demonstrated confidence that New Jersey residents will be returning to the gym in droves, with commitments of more than 250,000 square feet in Aberdeen, Bayonne, Hanover, Linden, Newark, South Plainfield and Woodbridge, all arranged by CBRE.
Other large commitments arranged by CBRE included At Home’s 143,122-square-foot lease at Nassau Park Pavilion in Princeton, and Hackensack Tennis’ 114,380-square-foot commitment in Hackensack. On the sales front, the team arranged the $12.5 million sale of the 136,940-square-foot freestanding building at Nassau Park Pavilion to Ocean State Job Lot.
“The demise of brick-and-mortar retail seems to have been greatly overestimated, judging by the activity we have seen in the New Jersey market,” noted Horne. “With convenient proximity to dense residential developments, high levels of disposable income and less dependence on office commuters than other markets, New Jersey retail centers are showing strong leasing activity and positive signs heading into the holiday season and next year.”