By Joshua Burd
The longtime owner of an Italian specialty market in East Hanover has sold its building, in one of three newly completed transactions by Newmark Associates.
The brokerage firm said the seller, Esposito Meats & Deli, completed its disposition of 90 Ridgedale Ave. after more than 40 years in business. An unidentified buyer purchased the 8,000-square-foot property, which is less than a half-mile north of Route 10.
“Sad to see such an iconic establishment close their doors,” said Jeannette Melillo, a sales associate with Newmark Associates. “The Esposito family was a pleasure to work with and thanks each and every customer for their support and being a part of the Esposito family.”
The firm’s recent transactions also include the sale of 224 South Salem St. in Randolph, a four-unit retail strip center off Route 10. Deborah Myers, a managing director who brokered the sale, said the one-story property is home to a major franchise tenant and was 80 percent occupied at the time.
Newmark Associates was court-appointed to facilitate the sale, which generated interest from multiple prospects due to its location and the quality of tenancy.
“We were in the middle of COVID when we were tasked with selling a retail building,” Myers said. “Velocity was the key in this sale — buyer and seller worked to close this transaction in less than one month from contract signing to closing.”
In Passaic, Newmark Associates completed a lease at a recently built, two-story retail and office building at 154 Main Ave. The firm identified MedRite Urgent Medical Care as the tenant at the 7,500-square-foot building, which opened in May as a COVID testing facility.
Nancy Stanton-Tuckman, executive vice president, and Ben Koch, sales associate, negotiated the long-term lease.
“In the height of the pandemic in New Jersey, this transaction began as a month-to-month tenancy for a COVID testing facility,” Tuckman said. “The facility was projected to remain open only for a few weeks yet still remains operant to accommodate the ongoing need for testing. Realizing this would be a great location to open another urgent care center, the tenant negotiated a 15-year lease to operate as such even after the need for COVID testing ceases.”
