A development team led by CHA Partners joined local officials recently to unveil a new CVS Pharmacy in Plainfield.
Despite the enduring struggles of malls, further bankruptcies by large chains and other challenges to brick-and-mortar retail, industry leaders say the path to stability is becoming clearer. That’s especially true for properties that were fundamentally stronger before the pandemic, which are now drawing the attention of tenants in search of space.
New Jersey shopping centers that once buzzed with a steady hum of activity have been quiet since late March, with most retail businesses shut down to contain the spread of COVID-19. Retail landlords are now scrambling to figure out how to deal with tenants who say they can’t pay rent because their revenue streams have stopped cold — even though property owners still have their own financial obligations.
Tenants have inked more than 10,000 square feet of new leasing activity at a Route 35 shopping center in Wall, as its management continues a host of renovations at the property.
A bill that would create new specialized, lower-cost liquor licenses and likely provide a boost to New Jersey’s commercial real estate sector has cleared another hurdle in the Legislature.
A newly built shopping center in Elizabeth is fully leased after recent deals with a liquor store and a beauty supply operator, in a set of deals by Jacobs Enterprises and Pierson Commercial.
Medical tenants have become increasingly critical to the retail sector, creating a new opportunity for landlords who have grappled with e-commerce and bankrupt retail chains. New Jersey is no exception, and the opportunity comes as urgent care centers, physical therapists and other businesses experience rapid growth spurred by major changes in the health care industry.