JLL Capital Markets announced Thursday that it has closed the sale of a 37,630-square-foot Cinemark situated on a 6-acre site located in Watchung.
JLL represented the seller, and a joint venture between Agus Holdings and Treeco acquired the asset.
Cinemark is a newly constructed, 37,630-square-foot, single-tenant building located along the busy Route 22 retail corridor in Watchung. Constructed in 2019 on the site of a former Sears, the 10-screen theater features heated luxury recliners and an XD auditorium.
The JLL Retail Capital Markets team that represented the seller was led by J.B. Bruno, Kevin O’Hearn, Ryan Robertson and Jose Cruz.
“The property’s new vintage, location along a busy stretch of Route 22 and complementary adjacent uses drove investor interest in this transaction,” Bruno said.
Josh Agus on behalf of Agus Holdings added: “This corner within an exceptional retail corridor stands out as the most coveted corner within the entire trading region. Our pursuit is dedicated to discovering remarkable retail spots that hold an irreplaceable presence within the New York and New Jersey trade zones, and this location embodies all the essential elements we seek.”
Andrew Fish, managing member of Treeco, said: “Treeco is very excited to team up with Agus Holdings on the acquisition of this outstanding retail corner. This is the best intersection in the Watchung marketplace, evidenced by the fact that this location has been continuously occupied by only two separate tenants since being developed over 70 years ago. It’s always our dream to acquire this property, as it is immediately adjacent one of our legacy assets.”
