ROXBURY, NJ—A joint venture of Advance Realty, DeBartolo Development and Invesco has acquired the Ledgewood Mall in Roxbury, NJ, with plans to upgrade the retail center.
“The mall's ideal location on a large parcel of land within the heart of Morris County presented us with a compelling opportunity to acquire a property that is an important part of the area's retail sector,” says Peter Cocoziello, president of Advance Realty. “We look forward to working with our JV partners and the town of Roxbury to modernize the property and ensure its future.”
Built in 1972, the Ledgewood Mall occupies 46 acres and consists of three one-story buildings. The property consists of a 445,000-square-foot enclosed mall set at the rear of the site, a 60,000-square-foot outbuilding and a smaller 12,000-square-foot-out building, totaling 517,000 square feet. Located on Route 10, the property has high visibility for retailers and convenient access to key New Jersey roadways and 2,100 parking spaces.
“The Ledgewood Mall has been a valuable asset for our town since its construction more than 40 years ago,” says Roxbury Mayor Jim Rilee. “I'm excited by the prospects for the property under its new ownership, and look forward to working closely with this partnership.”
The mall's existing tenants include Walmart, The Sports Authority, Marshalls, Barnes & Noble, Ashley Furniture and Ruby Tuesday. The team of Michael Testa, William Farkas and Shane Wierks of Jeffrey Realty has been retained as the exclusive leasing agent for the property.
“Morris County offers one of the Northeastern U.S.'s best retail profiles. The area's demographic mix and infrastructure of well-maintained roadways make it an ideal corridor for retail activity,” says Edward Kobel, president and chief operating officer of DeBartolo Development. “This represents a great opportunity to deliver a first-rate shopping experience for the people of Morris County and neighboring towns.”
Christopher M. Bellapianta, managing director and principal of Advance Realty, led the transaction on behalf of the joint venture.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
