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SRM 3rd Quarter Brokerage News and Transactions

Updated: Oct 16, 2023

SRM Reports Strong leasing success across three prominent shopping centers within Somerset County, New Jersey

Somerset County has consistently proven to be a major hub of retail leasing achievement for SRM over the past 36 years, while overseeing leasing and management responsibilities for thriving shopping centers and office/medical buildings, the organization has solidified the region among its key strongholds for continued success within New Jersey.

From its inception, SRM has effectively represented Owner/Developer Elite Properties, leasing and all facets of property management for the esteemed Cedar Glen Shopping Center within Branchburg Township, being responsible for an impressive 107,000 square feet of GLA

anchored by Shop Rite. President & CEO Brian S. Silbert announces the latest additions to Cedar Glen, including the upscale Japanese eatery, RamenYa, which currently has three locations, most notably within The American Dream Mall, East Rutherford, New Jersey, and national ice cream favorite, Cold Stone Creamery, with over 1,300 stores within 20 different countries. These newest additions have propelled the center to 100% occupancy.

Also within the community of Branchburg, Associate, Christian Harrington along with Joel Tomlinson, Assistant VP of Retail Services, have masterfully repositioned the 21,750 square foot Lamington Corners. This neighborhood shopping center along Country Route 614, parallel to Route 22 has gained full occupancy, with recent additions including Alchemy Hair Salon, and Hope Pharmacy, a privately owned pharmacy, bringing this neighborhood center opposite Raritan Vally Community College. When approached for comment on these new leases, Christian Harrington, stated, "We take immense pride in achieving complete lease up for this center by securing two reputable tenants and combined with multiple lease extensions of existing tenants. The salon and the pharmacy will undoubtedly enrich this center's customer traffic going forward."

Within nearby Bridgewater Township, Joel Tomlinson has accomplished full 100% occupancy for Villa Plaza, an expansive neighborhood shopping center constructed in 1996 andsituated along Route 28. This center is comprised of three distinct buildings: two host general retail spaces and food and beverage establishments, plus a third two-story office building fully leased by PNC Bank. Notably, the recent inclusion of a political reelection office within the center, which SRM exclusively represents, to reach complete occupancy, now stands at an impressive 100%. SRM has acted as the exclusive leasing agent for this neighborhood shopping center on behalf of the original ownership, culminating in the

successful sale of the property through SRM in 2022. During this transition of ownership, principles Paul Fine and Michael Goras, SRM was retained as leasing agent, underscoring the organization's strong presence within Bridgewater and its track record of accomplishments over many years for Villa Plaza.

Pure Barre and 4ever Young Med Spa Join Morristown's Premier Downtown Development

Shops on the Green and The Metropolitan encompass a combined 70,000 square feet of prime class A retail space along South Street offering exceptional visibility and convenience within downtown Morristown, New Jersey. The ground-level commercial

component seamlessly integrated into the acclaimed companion project of "40 Park" and "The Metropolitan" the largest mixed-use within Morristown. The upscale 40 Park development boasts 76 luxurious condominiums, ranging from one to three-bedroom/den layouts, including penthouses. The Metropolitan is currently a fully leased, seven-story luxury rental complex featuring 130 units, prominently situated along Market Street. The recent retail additions of Pure Barre and 4ever Young Med Spa were leased through SRM, Ownership's long-time exclusive leasing agent led by Senior VP of Retail Services, David Greenman. When asked about the recent leases, Mr. Greenman stated "We are delighted to welcome Pure Barre, a boutique national fitness concept and 4ever Young Med Spa, an anti-aging wellness center, as additions to this prestigious Class-A mixed-use asset within the heart of Morristown. Their presence adds an exciting dimension to the already successful array of tenants including Starbucks, AT&T, Roots Steakhouse, Agricola Restaurant, and Salad House, among others and on behalf of the institutional ownership group represented for over ten years by SRM."

David Greenman Finds Success Leasing Upper Saddle River's Newest Mixed-Use Development

Situated at 558 E. Crescent Avenue, within Upper Saddle River and situated 1/4 mile from Route 17, lies The District at USR—a premier class-A Office-Retail redevelopment, spanning 22,000 square feet within two stories. Guided by the leadership of SRM's Senior VP of Retail Services, David Greenman, this unique property within affluent Upper Saddle River has achieved strong preleasing for ownership, East Crescent Development Group, and as construction nears completion. The District at USR currently has fully executed leases with esteemed companies such as Pierre & Michel French Bakery, Deka Lash, Bogota Bank, and Ivy Rehab, and as we anticipate a unique fitness concept, to be announced in October.

Remaining for lease within this unique retail complex are two prime opportunities; 891 square feet of inline retail space, and an exquisite high-end restaurant area encompassing 3 floors and 8,500 SF in total with an additional 3,000 SF of intimate outdoor balcony space and elevated patio dining area. To enhance the experience of a future restaurant, a consumption liquor license is available.

SRM Consummates the Sale of the former Market Tavern within Prestigious Morris County's Harding Township

Christian Harrington is pleased to announce the recent sale of 995 Mount Kemble Ave within affluent Harding Township, along the "country mile". Exclusively representing the Kalkin Family in the marketing and disposition, this free-standing, two-story turn-key restaurant, affords an impressive 925 feet of frontage on 2.70 acres at the junction of Mt. Kemble/Route 202 and Colonial Drive and has found new ownership. Positioned along the famed "country mile" within one of New Jersey's most affluent neighborhoods, between Morristown and Bernardsville, the former Market Tavern Restaurant site has been acquired by an ownership group with a track record of success, currently overseeing the prosperous Cafe Sapori within nearby Peapack.

For Harrington, this transaction holds a special significance as it represents one of the most challenging endeavors he has encountered in his brokerage activities with SRM. Reflecting on the transaction, Harrington stated, "Navigating this assignment was a true test of our capabilities. We embarked on this venture during the COVID-19 lockdowns, a period of widespread restaurant closures, and overcoming numerous obstacles, our success underscores the expertise and experience of our team. We demonstrated the ability to tackle multifaceted challenges, a feat that a company with lesser experience and presence within the Morristown region would struggle to achieve." Harrington's tenacity and adeptness underscore his commitment to achieving excellence on behalf of the prominent former ownership.

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