Bridgewater Commons in Bridgewater — Courtesy: Trademark Property Co.
By Joshua Burd
An investment group that owns the sprawling Bridgewater Commons mall has hired a Texas-based developer to lease and manage the nearly 1.3 million-square-foot property.
The developer, Trademark Property Co., announced it will oversee the complex on behalf of institutional investors advised by J.P. Morgan Asset Management. The assignment includes the enclosed mall, which sits at the intersection of routes 22 and 202/206 in Bridgewater, along with the adjacent open-air Village at Bridgewater Commons.
The combined portfolio spans roughly 1.264 million square feet.
“Bridgewater Commons is a popular destination in northern New Jersey, and we are excited to help write the next chapter of its story and come up with ways to better serve this diverse and growing market,” said Terry Montesi, CEO of Trademark Property Co. “We have a strong track record in operating these types of complex properties, and we see a big opportunity to add even more vitality to this premier shopping and entertainment destination through property evolution initiatives, creative property management and strategic leasing efforts.”
In a news release, the Fort Worth-based developer, investor and institutional services firm noted that Bridgewater Commons is home to roughly 175 stores and restaurants, including lifestyle retailers and eateries like Seasons 52, Microsoft, Apple, and Pottery Barn. The Village at Bridgewater Commons, meantime, houses 11 retailers.
Like other malls across the state, the main portion of the property has been closed since mid-March in compliance with Gov. Phil Murphy’s executive order aiming to slow the spread of COVID-19. Restaurants with external entrances separate from the general mall entrance have been allowed to stay open for takeout or food delivery.
Trademark touted its 28-year track record as a developer, value-add operator and adviser to institutional investors, one that has helped retail and mixed-use properties evolve to meet the needs of the community. Its portfolio of retail and mixed-used development, redevelopment, management and leasing expertise includes enclosed shopping centers such as Galleria Dallas and La Palmera in Corpus Christi, Texas, and Memorial City Mall and Market Street at The Woodlands in Houston.
The addition of Bridgewater Commons expands Trademark’s U.S. portfolio to 20 retail, lifestyle and mixed-use projects totaling 11.3 million square feet.