Partnership Acquires Ledgewood Mall in Roxbury, N.J.
A joint venture that includes Advance Realty, DeBartolo Development and Invesco today announced that it has acquired the Ledgewood Mall in Roxbury, N.J.
“The Ledgewood Mall has been a valuable asset for our town since its construction more than 40 years ago,” said Roxbury Mayor Jim Rilee. “I’m excited by the prospects for the property under its new ownership, and look forward to working closely with this partnership.”
Built in 1972, the Ledgewood Mall sits on approximately 46 acres and is comprised of three one-story buildings. The property consists of a 445,000-square-foot enclosed mall set at the rear of the site, a 60,000-square-foot outbuilding and a smaller 12,000-square-foot-out building, totaling 517,000 square feet. Its location directly fronting Route 10 offers high visibility for retailers and convenient access to key New Jersey roadways. With 2,100 spaces, it also offers abundant parking.
“The mall’s ideal location on a large parcel of land within the heart of Morris County presented us with a compelling opportunity to acquire a property that is an important part of the area’s retail sector,” said Peter Cocoziello, president of Advance Realty. “We look forward to working with our JV partners and the town of Roxbury to modernize the property and ensure its future.”
Edward Kobel, president and chief operating officer of DeBartolo Development added: “Morris County offers one of the Northeastern U.S.’s best retail profiles. The area’s demographic mix and infrastructure of well-maintained roadways make it an ideal corridor for retail activity. This represents a great opportunity to deliver a first-rate shopping experience for the people of Morris County and neighboring towns.”
Managing Director and Principal of Advance Realty, Christopher M. Bellapianta, led the transaction on behalf of the joint venture.
The mall’s existing tenants include Walmart, The Sports Authority, Marshalls, Barnes & Noble, Ashley Furniture and Ruby Tuesday. The team of Michael Testa, William Farkas and Shane Wierks of Jeffrey Realty has been retained as the exclusive leasing agent for the property.
About Advance Realty
Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J. Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment. Advance’s strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth. For more information, visit www.advancere.com.
About DeBartolo Development
DeBartolo Development, LLC is an established private real estate investment and development company that operates on multiple platforms ranging from real estate investment and ground-up development to management solutions. The DeBartolo name has been an icon in the real estate industry for more than seven decades. Since the organization’s beginnings in 1944 when entrepreneur Edward J. DeBartolo, Sr. pioneered the first shopping mall concept, the family’s legacy has been synonymous with success. In 1996, DeBartolo Realty Corporation merged with Simon Property Group (NYSE: SPG), creating the largest public real estate company in North America with a total market capitalization of $7.5 billion. In 2003, DeBartolo Development was formed by five-time Super Bowl Champion owner of the San Francisco 49ers, Edward J. DeBartolo, Jr. and his brother, Edward M. Kobel, to continue the family’s tradition of excellence in real estate. Today, led by Mr. Kobel and a dynamic management team, DeBartolo Development invests in real estate assets of all sizes and scopes, focusing on opportunistic acquisitions and market-driven, ground-up development of retail, multifamily, hospitality and mixed-use projects throughout the United States. The DeBartolo team specializes in asset management, development, construction, investment, acquisitions/dispositions, leasing, property analysis, financing, and recapitalization strategies. Since 2003, the company has successfully invested in 155 assets with approximate value of $4.6 billion. For more information about DeBartolo Development, please visit our website at www.debartolodevelopment.com.
Invesco Ltd. (NYSE:IVZ) is an investment manager dedicated to helping investors achieve their financial objectives. The Company has presence in the institutional and retail markets within the investment management industry in North America, United Kingdom, Europe and Asia-Pacific. The Company launched the Global Targeted Return product line. The Company’s subsidiaries include Invesco Canada Ltd., INVESCO Holland, Invesco Hong Kong Limited and Invesco UK Limited. The Company’s retail products are primarily distributed through third-party financial intermediaries, including traditional broker-dealers, fund supermarkets, retirement platforms, financial advisors, banks, insurance companies and trust companies. Invesco Great Wall is the Company’s joint venture in China.