THE BLAU & BERG COMPANY ARRANGES SALE OF 54,126 SQ. FT. RETAIL PROPERTY IN NEWARK, NJ TO JJ OPERATING, INC.
SHORT HILLS, NJ, January 5, 2017 – 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 54,126 SF retail property located at 237-249 South Orange Avenue in Newark, NJ, to JJ Operating Inc., a family owned real estate investment and management company based in New York, NY. Alex Conte, CCIM, SIOR, Jason Crimmins, CCIM, SIOR and Peter J. Murano, SIOR of The Blau & Berg Company were the procuring brokers representing the seller and buyer in the transaction.
"The proceeds of the sale will be recycled back into the community to help residents of inner cities improve the quality of their lives to reflect individual dignity and personal achievement,” said Richard Rohrman, CEO of New Community Corporation, one of the nation’s largest and most comprehensive community development organizations and a major contributor to urban revitalization in Newark, New Jersey.
This free-standing retail property is in a prime location across the street from University Hospital, an independent medical center with more than 500 licensed beds, an active medical staff of more than 600, and over 3,000 employees. Formerly occupied by Pathmark and with Dunkin Donuts leasing 2,100 sq. ft. of space in a corner location on the property, JJ Operating plans to redevelop the building to enhance the exterior, add visibility on Bergen Street and provide customizable space opportunities to retailers, medical offices and other complementary businesses. Significant revitalization occurring in the area has already sparked the influx of national retailers within the vicinity, including well-known brands such as Marshall’s, PNC Bank and Rite Aid.
“The building has tremendous potential”, said Jack S. Jemal, Partner, JJ Operating, Inc. “With the heavy amount of foot and car traffic on the Bergen & South Orange Ave. corner, we believe the building is primed for redevelopment.” The partnership has begun marketing the vacant space.
“There was a tremendous demand for the asset given its location in the heart of Newark near University Hospital and other businesses entering the market as part of a larger revitalization of the surrounding area,” said Alex Conte, Senior Executive Director, The Blau & Berg Company. “JJ Operating is well-positioned to enhance the neighborhood by providing higher quality retail and services at the property.”
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.
About JJ Operating Inc.
JJ Operating Inc. is a family owned real estate investment and management company based in New York, NY. The Jemal Family has been in the real estate business for over 50 years and is active in the pursuit of real estate assets that present a significant opportunity to add immediate value. To date, JJ Operating Inc. and its sister corporations have accumulated real estate assets consisting of approximately 9 million square feet of space. This includes shopping centers, office buildings, data centers, strip malls and taxpayers. More information about JJ Operating Inc. can be found via their website at www.jjop.com.