{"id":1004351354,"date":"2019-09-10T22:35:34","date_gmt":"2019-09-11T06:35:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004351354"},"modified":"2019-09-11T21:22:27","modified_gmt":"2019-09-12T05:22:27","slug":"vintage-new-jersey-mall-eyed-for-21st-century-makeover","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vintage-new-jersey-mall-eyed-for-21st-century-makeover\/","title":{"rendered":"Vintage New Jersey Mall Eyed for 21st-Century Makeover"},"content":{"rendered":"<div id=\"attachment_1004351360\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/The-Shops-at-Ledgewood-Commons-e1568148899981.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004351360\" data-attachment-id=\"1004351360\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vintage-new-jersey-mall-eyed-for-21st-century-makeover\/the-shops-at-ledgewood-commons\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/The-Shops-at-Ledgewood-Commons-e1568148899981.jpg\" data-orig-size=\"825,618\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"The Shops at Ledgewood Commons\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Shops at Ledgewood Commons. Image courtesy of Cushman  Wakefield&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/The-Shops-at-Ledgewood-Commons-e1568148899981.jpg?w=825\" class=\"wp-image-1004351360 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/The-Shops-at-Ledgewood-Commons-e1568148899981.jpg\" alt=\"The Shops at Ledgewood Commons. Image courtesy of Cushman &amp;amp; Wakefield\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/The-Shops-at-Ledgewood-Commons-e1568148899981.jpg 825w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/The-Shops-at-Ledgewood-Commons-e1568148899981.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/The-Shops-at-Ledgewood-Commons-e1568148899981.jpg?resize=768,575 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004351360\" class=\"wp-caption-text\">The Shops at Ledgewood Commons. <em>Image courtesy of Cushman &amp; Wakefield<\/em><\/p><\/div>\n<p>A New Jersey-based developer has secured a $72.5 million construction loan which will allow the company to move forward with the redevelopment of a former shopping mall&nbsp;in Roxbury Township, N.J. Santander Bank provided the loan to Advance Realty Investors affiliates, the owners of upcoming The Shops at Ledgewood Mall. A Cushman &amp; Wakefield team of John Alascio, Sridhar Vankayala, TJ Sullivan and Zachary Kraft represented the ownership in the deal.<\/p>\n<p>Opened in 1972, the former Ledgewood Mall is directly off Route 10,&nbsp;just 25 minutes south of Newton, N.J. The proposed 470,000-square-foot shopping center will be in the heart of Morris County, along a well-known trade corridor and close to main thoroughfares such as Route 46 and Interstate 80.<\/p>\n<hr>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/upstate-ny-mall-changes-hands-for-30m\/\">Upstate Mall Changes Hands for $30M<\/a><\/p>\n<hr>\n<p>Following the redevelopment, a modern, open-air retail center will replace the old, traditional, enclosed mall. The property has already pre leased several of the spaces and recommitted a number of existing tenants of the mall. According to the&nbsp;<em>New Jersey Herald,&nbsp;<\/em>various eateries have been added to the list of already secured retailers. Additionally,&nbsp;a 164,000-square-foot Walmart Supercenter will anchor the new development.<\/p>\n<p>A partnership of Advance Realty Investors, DeBartolo Development and Invesco Real Estate purchased the property in 2015 and began redeveloping it in 2017. Previous owners include Acadia Realty Trust, AC | Ledgewood LLC and Baltoro Capital Management.&nbsp;<\/p>\n<p>In May, another New Jersey mall received financing for upgrades. Sun Equity Partners <a href=\"https:\/\/www.commercialsearch.com\/news\/nj-power-center-lands-47m-refi\/\">landed a $46.5 million loan<\/a> from JPMorgan Chase to refinance Greenleaf at Howell, a retail shopping center in Howell. N.J. The 343,354-square-foot center opened in 2015 and is anchored by a BJ\u2019s Wholesale Club and LA Fitness.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With a $73 million loan in hand, Advance Realty Investors will transform an early-1970s property into a modern open-air center.<\/p>\n","protected":false},"author":745,"featured_media":1004351360,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,1600,21742,10,21749],"tags":[46952,32799,46955,33882,33915,37179],"class_list":["post-1004351354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-retail","tag-advance-realty-investors","tag-cushman-wakefield","tag-debartolo-development","tag-invesco-real-estate","tag-john-alascio","tag-santander-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Vintage New Jersey Mall Eyed for 21st-Century Makeover - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vintage-new-jersey-mall-eyed-for-21st-century-makeover\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vintage New Jersey Mall Eyed for 21st-Century Makeover\" \/>\n<meta property=\"og:description\" content=\"With a $73 million loan in hand, Advance Realty Investors will transform an early-1970s property into a modern open-air center.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vintage-new-jersey-mall-eyed-for-21st-century-makeover\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-11T06:35:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-12T05:22:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/The-Shops-at-Ledgewood-Commons-e1568148899981.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"825\" \/>\n\t<meta property=\"og:image:height\" content=\"618\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vintage-new-jersey-mall-eyed-for-21st-century-makeover\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vintage-new-jersey-mall-eyed-for-21st-century-makeover\\\/\"},\"author\":{\"name\":\"Holly Dutton\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9259ffaba4775229ae3556b9555e566d\"},\"headline\":\"Vintage New Jersey Mall Eyed for 21st-Century Makeover\",\"datePublished\":\"2019-09-11T06:35:34+00:00\",\"dateModified\":\"2019-09-12T05:22:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vintage-new-jersey-mall-eyed-for-21st-century-makeover\\\/\"},\"wordCount\":304,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/vintage-new-jersey-mall-eyed-for-21st-century-makeover\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/09\\\/The-Shops-at-Ledgewood-Commons-e1568148899981.jpg\",\"keywords\":[\"Advance Realty Investors\",\"Cushman &amp; 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