A rendering of the Shops at Edison Village — Courtesy: Ripco Real Estate
By Joshua Burd
Brokers with Ripco Real Estate are leading the effort to attract retail tenants to a long-awaited mixed-use development currently under construction in West Orange.
The firm, which has offices in Lyndhurst, announced that developer Prism Capital Partners has hired it as the exclusive leasing agent for about 18,000 square feet of retail space at the site. Known as the Shops at Edison Village, the space is part of what Ripco described as the largest non-waterfront development project in New Jersey, with plans also calling for some 330 residential units in its first phase.
“Part of what makes this an unusual opportunity for retailers in a mixed use building is the surface parking available to customers,” said Eugene Diaz, principal with Bloomfield-based Prism. “Not only will our retail tenants benefit from the people living in the apartments, flats, town homes and penthouses in Edison Village, but also from the vehicular traffic traversing along Main Street in this market.”
Ira Kerner, Curtis Nassau and David Townes of Ripco will lead leasing efforts for Prism.
Prism expects to deliver the retail space to its tenants by the end of the third quarter, Ripco said in a news release. Kerner said the demographics in the area “create a perfect mix of ideal customers who would visit the stores at Edison Village,” adding that the firm “will market to local, regional and national tenants and identify best uses for the diverse customer base.”
The space is part of a sweeping redevelopment at a historic Thomas Edison factory complex in West Orange, located along Main Street at Lakeside Avenue. Prism is rehabilitating the building, which was built in 1913 and was a production site for storage batteries for light delivery vehicles, automobiles, railroad signals, industrial applications and mining equipment.
“We have already received numerous calls from people that have expressed an interest in the retail space here,” Townes said. “Tenants see the great benefit of the steady flow of traffic from surrounding towns and great access from I-280.”
Ed Cohen, principal with Prism, said, “We are thrilled to have Ripco as our partners, and look forward to them bringing tenants that will complement this exciting development project.” Nassau added, “We value our relationship with Prism Partners and look forward to helping them achieve their goal of procuring the most optimal tenancy for this dynamic mix-use development.”