In early August, a joint venture that includes Advance Realty, DeBartolo Development and Invesco announced that it has acquired the Ledgewood Mall in Roxbury, New Jersey, a community in Morris County and part of the New York Metropolitan Area. Built in 1972, the Ledgewood Mall sits on approximately 46-acres and 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 on Route 10 offers high visibility and convenient access to key New Jersey roadways. “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.” The mall’s existing tenants include WalMart, The Sports Authority, Marshalls, Barnes & Noble, Ashley Furniture and Ruby Tuesday. Michael Testa, William Farkas and Shane Wierks of Jeffrey Realty have been retained as the exclusive leasing agent for the property.
Advance Realty, 1041 US Hwy 202/206, Bridgewater, New Jersey 08807 (908/719-3000, infoadvance@advancere.com , www.advancere.com)
DeBartolo Development LLC, 4401 W. Kennedy Blvd., 3rd Floor, Tampa, Florida (813/676-7677, info@debartolodevelopment.com , www.debartolodevelopment.com)
Invesco Ltd., Two Peachtree Pointe, 1555 Peachtree St. N.E., Suite 1800, Atlanta, Georgia 30309 (800/959-4246, www.invesco.com)
Jeffery Realty Inc., 116 Route 22 East, North Plainfield, NJ 07060 (908/668-9600, jeffreyrealty@msn.com)