JV Partnership Announces Acquisiton of Ledgewood Mall

On Aug 4, 2015

A joint venture that includes Advance Realty, DeBartolo Development and Invesco today announced that it has acquired the Ledgewood Mall in Roxbury.

“The Ledgewood Mall has been a valuable asset for our town since its construction more than 40 years ago,” said Roxbury Mayor Jim Rilee. “I’m excited by the prospects for the property under its new ownership, and look forward to working closely with this partnership.”

Built in 1972, the Ledgewood Mall sits on approximately 46 acres and is comprised of three one-story buildings. The property consists of a 445,000-square-foot enclosed mall set at the rear of the site, a 60,000-square-foot outbuilding and a smaller 12,000-square-foot-out building, totaling 517,000 square feet. Its location directly fronting Route 10 offers high visibility for retailers and convenient access to key New Jersey roadways. With 2,100 spaces, it also offers abundant parking.

“The mall’s ideal location on a large parcel of land within the heart of Morris County presented us with a compelling opportunity to acquire a property that is an important part of the area’s retail sector,” said Peter Cocoziello, president of Advance Realty. “We look forward to working with our JV partners and the town of Roxbury to modernize the property and ensure its future.”

Edward Kobel, president and chief operating officer of DeBartolo Development added: “Morris County offers one of the Northeastern U.S.’s best retail profiles. The area’s demographic mix and infrastructure of well-maintained roadways make it an ideal corridor for retail activity. This represents a great opportunity to deliver a first-rate shopping experience for the people of Morris County and neighboring towns.”

Managing Director and Principal of Advance Realty, Christopher M. Bellapianta, led the transaction on behalf of the joint venture.

The mall’s existing tenants include Walmart, The Sports Authority, Marshalls, Barnes & Noble, Ashley Furniture and Ruby Tuesday. The team of Michael Testa, William Farkas and Shane Wierks of Jeffrey Realty has been retained as the exclusive leasing agent for the property.

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