Denville Commons at 3130 Route 10 in Denville — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment firm has acquired a grocery-anchored shopping center in Denville for more than $20 million, under a newly announced sale by Cushman & Wakefield.
Brokers with the firm represented Denville Commons Associates LP, the seller, in the transaction at 3130 Route 10. Longpoint Realty Partners purchased the 73,000-square-foot Denville Commons for $22.6 million, C&W said, noting that the property was 90 percent leased at the time of the deal.
C&W investment sales specialists Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Max Helfman, Seth Pollack and Andrew Schwartz completed the assignment. They also procured the buyer.
“In today’s evolving retail landscape, co-tenancies that include food, experiential entertainment, fitness, personal services and other nontraditional uses are key to maintaining a shopping center’s competitive positioning,” Bernhaut said.
Sitting on nine acres, Denville Commons is anchored by Corrado’s Market. The Italian specialty grocer is among 16 tenants, which also include Goldfish Swim School, Orangetheory Fitness, Kidville, Bach to Rock, Alexis Diner, Bensi and Verizon.
Recent upgrades include a complete façade renovation, C&W said, adding that the area boasts more than 150,000 residents within a five-mile radius of the property.