Morris Marketplace at 191 East Hanover Ave. in Morris Township — Courtesy: Marcus & Millichap
By Joshua Burd
DeVimy Equities has sold nearly 86,000 square feet of newly built retail space outside Morristown, brokers with Marcus & Millichap announced last week.
The buyer, Ohio-based Last Mile Investments, paid an undisclosed sum for the Morris Marketplace property at 191 East Hanover Ave. in Morris Township. Brad Nathanson and JP Colussi of Marcus & Millichap’s Institutional Property Advisors unit represented DeVimy, which codeveloped and completed the complex in 2023, noting that it’s 100 percent occupied by more than 35 restaurant and service-oriented tenants.
They added that the center is the retail component of a mixed-use project at a former Colgate-Palmolive corporate campus, serving a downtown Morristown business district that has more than 4.4 million square feet of office space and some 4,000 apartments. It’s also in front of The Collections at Morristown, a Lennar-developed, 143-luxury townhome community.
“Morris Marketplace has the optimal collection of restaurants, beauty, service and medical tenants to complement the highly successful ShopRite across the street, which has limited shop space,” said Nathanson, an executive director with IPA. He added: “With unanchored essential based retail becoming an institutional focus in 2024 and going into 2025, the desirability of scale and the associated transaction size drove significant interest.
“A top tenant roster, including Starbucks, Habit Burger, Jersey Mike’s, Wells Fargo, Panda Express and Orangetheory Fitness, combined with institutional demographics of more than 132,000 people within five miles and average household income of $182,000, attracted large institutional buyers and private high-net-worth investors from New York City.”
In a news release, Marcus also noted that the 85,513-square-foot shopping center is 25 miles west of New York City.
“I would like to thank IPA and LMI for their thorough diligence and professionalism getting this intricate transaction closed,” said Robert Indig, principal of DeVimy Equities. “It was a true pleasure working with such a great team of deal makers.”
Accurate, DeVimy unveil ground-up 140,000 sq. ft. retail project in Morris Township
