Longpoint Realty Partners Pays $22.6M for Denville Commons
The nine-acre property at 3130 Route 10 was sold by Denville Commons Associates LP. Cushman & Wakefield represented the seller and procured the buyer in the transaction.
DENVILLE, NJ—Boston-based private equity firm Longpoint Realty Partners has acquired the 73,000-square-foot Denville Commons shopping center here in a deal valued at $22.6 million.
The nine-acre property at 3130 Route 10 was sold by Denville Commons Associates LP. Cushman & Wakefield represented the seller and procured the buyer in the transaction.
Anchored by Corrado’s Market, the center was 90% leased at the time of the sale to 16 tenants, including Goldfish Swim School, Orangetheory Fitness, Kidville, Bach to Rock, Alexis Diner, Bensi and Verizon, among others.
Recent capital improvements have included a complete façade renovation. The area boasts strong demographics, including more than 150,000 residents within a five-mile radius of the property and an average daily traffic count of 50,000 vehicles per day passing the center along Route 10, according to Cushman & Wakefield.
The brokerage firm’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Max Helfman and Seth Pollack of its East Rutherford office, along with Andrew Schwartz of the firm’s Morristown office, worked on the deal.
C&W’s Bernhaut praised the tenant mix at Denville Commons. “In today’s evolving retail landscape, co-tenancies that include food, experiential entertainment, fitness, personal services and other non-traditional uses are key to maintaining a shopping center’s competitive positioning,” he says.
Last August, Longpoint Realty Partners acquired a 67,434-square-foot industrial/flex building in Parsippany from bicycle maker Kent International.