Cinemark Watchung at 1670 Route 22 in Watchung — Courtesy: JLL
By Joshua Burd
A joint venture has acquired the site of a nearly 38,000-square-foot movie theater on Route 22 in Watchung, in a newly announced deal by JLL.
The buyers, Agus Holdings and Treeco, paid an undisclosed sum for the property just east of the Terrill Road intersection. Brokers noted that the 37,630-square-foot Cinemark theater, built in 2019 at the former site of a Sears, is home to 10 screens with heated luxury recliners and an XD auditorium, serving an affluent swath of central New Jersey and a key retail corridor.
JLL’s J.B. Bruno, Kevin O’Hearn, Ryan Robertson and Jose Cruz represented the seller of the six-acre property at 1670 Route 22.
“The property’s new vintage, location along a busy stretch of Route 22 and complementary adjacent uses drove investor interest in this transaction,” Bruno said.
In announcing the trade, JLL noted that Watchung has an average household income of roughly $240,000. An average of 63,000 vehicles pass the site daily, while Cinemark has a remaining lease term of more than 10 years.
“This corner within an exceptional retail corridor stands out as the most coveted corner within the entire trading region,” said Josh Agus, a principal with New York-based Agus Holdings. “Our pursuit is dedicated to discovering remarkable retail spots that hold an irreplaceable presence within the New York and New Jersey trade zones, and this location embodies all the essential elements we seek.”
Andrew Fish, managing member of Treeco, added: “Treeco is very excited to team up with Agus Holdings on the acquisition of this outstanding retail corner. This is the best intersection in the Watchung marketplace, evidenced by the fact that this location has been continuously occupied by only two separate tenants since being developed over 70 years ago. It’s always our dream to acquire this property as it is immediately adjacent one of our legacy assets.”
