R.J. Brunelli & Co. 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, according to a Tuesday announcement from the Old Bridge-based brokerage.
ITC Crossing South is anchored by Lowe’s, TJ Maxx, Michaels, Bed Bath & Beyond, PetSmart, and Old Navy, and shadow-anchored by Walmart.
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 S., just off the intersection of Route 46 and Interstate 80.
R.J. Brunelli, which represented a group of 36 tenants-in-common property co-owners on the transaction, has been retained by Black Lion to continue its role as exclusive leasing agent for the property.
“We are beyond enthusiastic about the potential for growth at ITC Crossing South,” said Rivani, Black Lion’s president. “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 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.
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.
With immediate or nearby access to Interstate 80 and Routes 46 and 206, the site draws from such Morris County communities as Roxbury, Ledgewood, Chester, Netcong, Mount 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.
Mario Brunelli, vice president-investment sales/principal at R.J. Brunelli, was the sales agent on the transaction, while Danielle Brunelli was the listing agent.