Greenleaf at Union at 1235 West Chestnut St. in Union Township — Courtesy: Marcus & Millichap
By Joshua Burd
The developer of a five-year-old shopping center in Union Township has sold the Route 22 property, under a deal arranged by Marcus & Millichap.
Brokers with the firm’s Institutional Property Advisors division represented the seller, Sun Equity Partners LLC, in the trade of Greenleaf at Union. Anchored by an LA Fitness Signature Club and Bob’s Discount Furniture, the 109,828-square-foot property is fully leased, benefiting from a location just off the Garden State Parkway.
Prestige Properties purchased the complex for an undisclosed price. Brad Nathanson and Steven Siegel, both senior managing director with IPA’s investments team, brokered the deal.
“Greenleaf at Union represents one of the rare new shopping centers built in northern New Jersey in the past five years,” Nathanson said. “Within close proximity to New York City, the trophy nature of the center’s location along heavily traveled Route 22 is highlighted by the fact it is shadow-anchored by highly successful Costco with combined visits of over 3.5 million in the trailing 12 months.”
In a news release, Marcus noted that Greenleaf also has 27,000 square feet of small shop space that is 100 percent leased to national tenants such as Sleep Number, First Watch, Red Wing Shoes and Crumbl Cookies. Nearby retailers include Walmart, Home Depot, Target, ShopRite and Lidl, among others.
“Prestige Properties specializes in the acquisition, development and management of institutional-quality retail assets,” said Sam Shalem, principal for Prestige Properties. “Greenleaf at Union is a great addition to our more than 5.6 million square feet of retail properties under ownership in the New York, New Jersey, Pennsylvania, Massachusetts, Connecticut and Florida markets.”