Retail Activity Continues at Rapid Pace

In a sale transaction, the 50,000-sf Ironstone Village Center at 560 Stokes Rd. here has changed hands for $7.6 million, or approximately $152 per share. The deal was brokered for both buyer and seller, identified only as "private investors," by sales associate Don Baxter of the Kislak Co., Woodbridge. The buyer was described as a "long-time client," the seller a new one.

"This was an excellent investment," Baxter says. "Medford is considered one of the top suburbs of the Philadelphia area, with outstanding demographics. The buyer plans to upgrade the property and may potentially develop the adjacent land."

The property was 95% occupied at the time of sale, with such tenants as Salad Sensations Bambo Yamas and Ironstone Village Deli & Catering. Meridian Capital Group's Steven Tessler arranged the financing, which was obtained from WaMu.

On the leasing front, the repositioned retail component of the 770,000-sf Princeton Forrestal Village in Princeton has picked up two new tenants. Calico Corners, the 115-store fabric chain, has leased 5,500 sf. And BLC, a beauty products shop, has leased a 5,200-sf corner location on the project's Main Street, across from Can Do Fitness and Koi Spa Salon. Terms were not released.

"The two retailers we've just added make it even more of a shopper's destination," says Matt Harding of Levin Management Corp., North Plainfield, which is managing and leasing the retail component for owner Gale Real Estate Services.

The two new tenants join recent signees the Silver Shop, Private Charter, Exquisite Bridge and Tre Bar on the Village's Main Street. And construction is under way for a new 11,000-sf Ruth's Chris Steak House, slated to open in early summer.

And to the south in Cinnaminson, Famous Footwear has signed a major lease at the 330,000-sf Shoppes at Cinnaminson. The new tenant will occupy 7,000 sf at the property, which is located at the intersection of Routes 130 and 73 in South Jersey's Burlington County.

Famous Footwear was represented by broker George Wisnoski of Fameco Real Estate, Plymouth Meeting, PA, while owner Centro Properties Group was represented in-house. Shoppes at Cinnaminson is anchored by a ShopRite supermarket and Ross Stores.