By Joshua Burd
The Clark planning board has approved Denholtz Associates’ plans to redevelop part of a sprawling commercial complex near the Garden State Parkway, the firm announced.
The real estate firm announced Thursday that the agency had unanimously approved a 14,000-square-foot shopping center on Terminal Avenue. The approvals are the latest step in the planned redevelopment of the property that stretches from Central Avenue to Westfield Avenue, following a rezoning of Terminal Avenue that has broadened the range of commercial and retail uses there and future development opportunities.
The recent approval allows for a shopping center with a clean, modern design, the Matawan-based firm said in a news release. The plaza will be anchored by New York Community Bank and a freestanding Dunkin Donuts with a drive-thru.
“Today marks an important day in the redevelopment of Terminal Avenue and we are grateful for the support and shared vision that the Township of Clark has for the site,” Russ Azzarello, vice president at Denholtz Associates, said in a prepared statement. “By working with the town we are confident that this first phase of redevelopment will provide residents with more conveniences and options ultimately enhancing the community in which they live.”
All told, Denholtz’s Clark Commercial Center portfolio includes 10 commercial buildings totaling 283,201 square feet and one unimproved parcel that Denholtz is evaluating for future development, the firm said. Its anchor tenant is cosmetics giant L’Oreal, which leases more than 190,000 square feet for its North American research and development facility
The property stretches an entire block along Terminal Avenue, sitting just off Exit 135 of the Parkway between Central and Rahway Avenue. Denholtz Associates acquired the property in October 2015 in a joint venture with MB1 Capital Partners, a privately held owner and operator of commercial real estate investments based in Belmar.
