Black Lion is pleased to announce the purchase of the ITC Crossing South power shopping center located in Mt. Olive, New Jersey. The transaction of the 373,612 square foot and 46-acre asset closed on December 29, 2021, at a price of $49,750,000.
The shopping destination for residents and visitors of the affluent Morris County community of Mt. Olive is anchored by prominent national retailers such as Lowe’s, Michael’s, PetSmart, Old Navy, T.J. Maxx, Panera Bread, McDonalds, Longhorn Steakhouse, and Bed, Bath & Beyond. The shopping center is centrally located at 10-50 International Drive South, near the bustling intersection of Routes 46 and 80. Shoppers from the nearby communities of Roxbury, Ledgewood, Chester, Hackettstown, Netcong, Mt. Arlington, Dover, and Randolph flock to ITC Crossing South daily, making it the preeminent retail destination in western Morris County.
“We are beyond enthusiastic about the potential for growth at ITC Crossing South,” said Robert Rivani, President of Black Lion. “In true Black Lion style, we are going to add tremendous value for our current and future tenants by investing in a full scale renovation that has never been seen before in this trade area.”
This investment has fulfilled Black Lion’s goal of transacting more than $250 million in 2021, including nearly $100 million in power shopping centers with the purchase of Oracle Wetmore Shopping Center in Tucson, Arizona earlier this year for $38 million. In addition to retail commercial real estate investments, Black Lion has invested heavily in high-end dining and nightlife properties throughout South Florida in recent months. Notable purchases include the restaurant spaces at Marea condominiums in Miami’s South Beach, the SLS Lux in Miami’s Brickell neighborhood and Hyde Hollywood Resort & Residences in Hallandale Beach. The firm has also completely transformed Wynwood Jungle in Miami’s burgeoning Wynwood submarket.