Advance Realty, Invesco and DeBartolo Development will work together to revitalize Ledgewood Mall in Roxbury, N.J. "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," said DeBartolo President and Chief Operating Officer Edward Kobel.
Kimco Realty is beginning demolition of an old shopping center in Deptford, N.J., to make way for a new center anchored by several retailers including Bed Bath & Beyond and buy buy Baby. The center has been vacant for several years and builders hope to have the new center opened in time for the holiday shopping season. "It takes time to demolish buildings. You've got to empty them out. I can't speak on the exact construction schedule," said Deptford Mayor Paul Medany.
Friendwell Group of Cos. acquired the Marketplace at Rockaway in New Jersey from an undisclosed seller for $29 million. The 241,000-square-foot center is anchored by Wal-Mart, as well as Bed, Bath & Beyond and DSW Shoe Warehouse.
Boston real-estate investment firm AEW Capital Management has acquired the 90,876-square-foot Mullica Hill Plaza in Mullica Hill, N.J., from Madison Development Group. The center is at 100% occupancy with a Super Stop & Shop as its anchor and is protected from big-box retail competition because of zoning regulations.