THE BLAU & BERG COMPANY ARRANGES SALE OF ±30,500 SF RETAIL PROPERTY IN NEWARK, NJ TO IRON ORE PROPERTIES, LLC AND THE LEASE OF 3,465 SF OF RETAIL TO LOFT LIFE VENUE, LLC
SHORT HILLS, NJ, March 25, 2019 – The Blau & Berg Company, a prominent commercial real estate brokerage firm in the New Jersey and Tri-State area since 1932, recently brokered the sale of a ±30,500 SF retail space located at 45-57 Edison Place in Newark, NJ to Iron Ore Properties LLC, a full service, vertically integrated Real Estate Development Firm located in Millburn, NJ. Christian M. Benedetto, Jr., Alex Conte, CCIM, SIOR, Jason M. Crimmins, CCIM, SIOR and Peter J. Murano, SIOR of The Blau & Berg Company were the procuring brokers representing both the buyer and seller in the transaction. Subsequently, the lease of 3,465 SF of retail space was secured for Iron Ore Properties LLC to Loft Life Venue, LLC.
“The building has location, location, location,” said Christian M. Benedetto, Director of Business Development. “The property offers a premier location for other retail and office users being directly across from the Prudential Center and touching the Championship Plaza in the heart of Newark’s central business district. It is at the entrance to Gateway Center, featuring covered walkways to and from Newark Penn Station.”
“This is an unbeatable location. While being directly across from the main entrance to the arena is amazing, we are just as excited about what’s going on around us,” says Josh Mann, Co-Managing Member of Iron Ore Properties, LLC. “Mulberry Commons is the most underrated aspect of all the redevelopment going on downtown - and our location will be able to benefit from that as well. Each of our principals (Josh Sternberg, Josh Mann and Brandon Boffard) already have ownership interests downtown, so this was a natural place for our company to plant a flag.”
45-57 Edison Place is in a prime location for a retail space, specifically in the food and beverage industry. With 300,000+ population living within 3 miles, this property is in the largest city in New Jersey. There are more than 200,000 daytime employees and 60,000 students and faculty from 4 major universities in the area. With a portion already leased and only ±9,538 SF available, this property makes for a top location for tenants looking to thrive.
About The Blau & Berg Company
The Blau & Berg Company (www.blauberg.com) was founded in 1932 and holds a leading position in the New Jersey and Tri-State commercial real estate market. Headquartered in Short Hills, New Jersey, The Blau & Berg Company is an independent, full-service commercial real estate brokerage firm, providing expert and personalized services in industrial, office and retail real estate, including: site selection, acquisitions, dispositions, leasing, tenant representation, portfolio sales, asset repositioning, and property & construction management.