RJ Brunelli Completes Sale of ITC Crossing South Mall in Mt. Olive, NJ to Robert Rivani’s Black Lion Investment Group

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MT. OLIVE, New Jersey, January 4, 2022 / PRNewswire / – RJ Brunelli & Co., LLC announced today that it has negotiated the december 2021 sale of the 373,612 square foot ITC Crossing South shopping center in this Morris County community to Black Lion Investment Group, the fast growing commercial real estate company led by a 31 year old real estate entrepreneur Robert rivani.

The purchase was part of Black Lion’s program to acquire $ 100 million in power centers everywhere United States in 2021. As with its previous acquisitions, the Beverly Hills-based company is making plans for a facelift and other improvements to the 46.72-acre property, which is located at 10-50 International Drive South, just off the intersection of highways 46 and 80.

RJ Brunelli, who represented a group of 36 Common Tenant Property (TIC) co-owners in the transaction, was retained by Black Lion to continue in his role as the exclusive rental agent for the property. ITC Crossing South is anchored by Lowe’s, TJ Maxx, Michael’s, Bed Bath & Beyond, PetSmart and Old Navy, and Shadow-anchored by Walmart.

“We are more than excited about the growth potential of ITC Crossing South,” said Robert rivani, president of the Black Lion. “In true Black Lion style, we will add tremendous value to our current and future tenants by investing in a large-scale renovation that has never been seen before in this commercial area. $ 250 million into high-quality assets like this in 2021, and envision an even more promising year 2022 for Black Lion and those who do business with us. ”

Danielle Brunelli, president / director of the Old Bridge, NJbased at RJ Brunelli, noted that the property currently has a limited amount of specialty retail space available, including two 1,200 square foot units that could be combined into a 2,400 square foot store, as well as a 4,600 square foot store space. She added that the company is negotiating a lease with a national retailer for much of the centre’s available big-box space, the 37,961-square-foot former Babies ‘R’ Us store.

“At a time when a number of power plants are still struggling to fill vacancies resulting from the wave of personal bankruptcies in 2019 and 2020 and the pandemic, the current rental rate of 88% at ITC Crossing South is testament to of the quality of this real estate and the continued efforts of RJ Brunelli to keep our tenant mix in line with the needs of this market, ”said Carole scott, CSM, general manager of Los Angeles-based, National asset services, (NAS) who had served as asset manager for the former owners of the center. “These factors clearly contributed to the multiple offers we received for this property.”

Over the past year, RJ Brunelli has entered into leases on the property for groups like Five Below, AT&T, Amy Murphy’s Salon and Spa, and Rita’s Ice. Five below and Amy Murphy’s are already open on the site, AT&T and Rita to follow in 2022.

To round out the centre’s tenant mix, Brunelli said the company is looking to add uses such as quick-service restaurants, furniture, baby and children’s products, outdoor and leisure wear, sporting goods, electronics, men’s clothing, vitamins, physical therapy, dental, eye care, waxing and music products.

With immediate or nearby access to route 80 (daily count of 85,000 vehicles), route 46 (35,000 vehicles) and route 206 (24,000 vehicles), the site draws on these Morris County communities like Roxbury, Cornice wood, Chester, Hackettstown, Netcong, Mount Arlington, Dover, and Randolph, as good as Hackettstown in Warren County. In total, ITC Crossing South serves a population of 246,826 within a 10 mile radius. The average household income is the eastern area $ 142,115. The property also benefits from a diurnal population of 228,457 in the 10-mile ring, including 71,398 within five miles of the site.

Mario brunelli, Vice President, Investment Sales / Director at RJ Brunelli was the selling agent in the transaction, while Ms. Brunelli was the listing agent.

For more information on leasing ITC Crossing South, contact Danielle Brunelli, (732) 721-5800 or [email protected]

About RJ Brunelli & Co., LLC
RJ Brunelli & Cie. serves as the exclusive broker for 31 retail properties with a combined gross leasable area (SGL) greater than 2 million square feet, and five properties for sale. Properties are located everywhere New Jersey. The company also acts as the exclusive or preferred tenant representative for 22 retail, restaurant and service chains. These include representation in various New Jersey, New York and Pennsylvania counties for companies such as Dollar Tree, Family Dollar, Raising Cane’s Chicken Fingers, My CBD Organics, European Wax Center, Asian Food Markets, and New Jersey Spine and Wellness.

About the Black Lion Investment Group.
Black Lion Investment Group is a private commercial real estate investment company headed by the President Robert rivani. The company has carried out more than $ 250 million in 2021, including nearly $ 100 million in power shopping centers with the purchase of Oracle Wetmore Shopping Center at Tucson, Arizona earlier last year for $ 38 million. The company’s current projects include the development and redevelopment of retail, hospitality and mixed-use assets in several high-growth markets. Black Lion recently invested in $ 100 million in the South florida market alone, with transformative developments and redevelopments such as the Wynwood Jungle, upscale restaurants at SLS Lux Brickell and Hyde Beach, and the Brickell Bay promenade. For more information about the company and its portfolio of properties, visit BlackLion.inc.

Press contact: At RJ Brunelli & Co., LLC, Danielle Brunelli, President, (732) 721-5800; at Jaffe Communications Bill Parness, [email protected], (732) 673-6852, or Elisa krantz, [email protected]: (908) 789-0700; for Black Lion Investment Group: AJ Kumar, [email protected]. or (714) 333-8988

SOURCE RJ Brunelli & Co.


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