Advance Realty and DeBartolo Development Receive Approval to Develop The Shops at Ledgewood Commons in Roxbury Township, N.J.
Former Ledgewood Mall Site Will Be Transformed into Vibrant 450,000-SF Power Center Featuring Shopping and Dining
A partnership between Advance Realty and DeBartolo Development today announced it has received approval to redevelop The Shops at Ledgewood Commons, a 450,000-square foot, power center on Route 10 in Roxbury, New Jersey.
In an effort to attract a diverse mix of shopping and dining that will appeal to residents of Ledgewood and the surrounding area, the partnership will implement an extensive capital improvement program which will include the demalling of the existing Ledgewood Mall to create a modern open air shopping center with a mix of anchor, junior anchor and pad site opportunities. Demolition and construction of the new shopping center is expected to commence late summer, with an estimated completion date in 2019.
“For the last two years, we’ve been carefully designing a plan to transform this prime commercial property into a place where locals can meet, eat and shop,” Advance Realty Founder and CEO Peter Cocoziello said. “We’re grateful and excited that Roxbury Township supports our vision for the property, and we look forward to delivering a world-class shopping destination.”
Key to the vision for The Shops at Ledgewood Commons is the center’s prime geographic location amid a thriving trade area. The property is conveniently located in Morris County on Route 10, a quarter of a mile from Route 46 and two miles from I-80. More than 100,000 people reside within a five-mile radius, with an average household income in excess of $125,000.
The Partnership of Advance Realty and Debartolo Development acquired the former Ledgewood Mall property in 2015.
“We could not be more excited to progress to the next phase of our partnership with Advance and begin work on The Shops at Ledgewood Commons,“ said Ed Kobel, DeBartolo’s President and Chief Operating Officer. “We look forward to transforming this formerly aging property and adding new energy to this already vibrant corner of Morris County.”
Mike Testa, Bill Farkas and Shane Wierks of Jeffrey Realty are serving as exclusive leasing agents for the shopping center. For more information on The Shops at Ledgewood Commons, please visit www.ledgewoodcommonsretail.com.
About Advance Realty
Among real estate’s most reputable and successful companies, Advance Realty has established itself as one of the industry’s most innovative and forward-thinking firms. Since 1979, Advance has continuously evolved to meet changing market demands by leveraging the creativity and collective knowledge of its team of world-class professionals, while remaining true to its commitment to responsible development. Headquartered in Bridgewater, New Jersey, Advance employs a multifaceted strategy, actively pursuing real estate investments in commercial, residential, industrial, retail and mixed-use projects that present an opportunity to enhance value through development, repositioning and redevelopment. The company currently owns, manages or has invested in a diverse, 10-million-square-foot portfolio of properties across all asset classes throughout the Northeast Corridor. For more information, visit www.advancere.com.
About DeBartolo Development
DeBartolo Development is one of the largest private real estate companies in the United States with a successful track record spanning more than seven decades. The company invests in real estate assets of all sizes and scopes, specializing in opportunistic acquisitions and market-driven, ground-up development of multifamily, hospitality, retail and mixed-use projects. Most recently, DeBartolo developed and opened Ka Makana Ali‘i, the first regional shopping center to be built in Hawaii in over 30 years. For more information, visit www.debartolodevelopment.com.