Morris County power center hits market for $86M

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The former ITC Center Crossing South retail center in Morris County has a recently updated look – and improved outlook – that current ownership hopes will attract investors.

Black Lion recently announced listing trophy shopping complex The Gardens, located at 10-50 International Drive in South Flanders, for sale with an asking price of $86 million.

With anchors including Lowes, Michael’s, TJ Maxx, HomeGoods and Ross, the complex spans 378,000 square feet and is being marketed for sale at 98% occupancy, according to Black Lion.

The listing is the largest asset brought to market to-date from the real estate investment and development firm led by Robert Rivani.

“We saw the potential of this prime asset and took a big risk to acquire the struggling property that was on track to lose some of its biggest tenants,” Rivani said in a statement. “Black Lion incorporated our strategic and out-of-the-box flair to renovate the plaza and brought it near full occupancy. We attracted an impressive roster of long-term tenants and increased the value by 80% in record time.”

Black Lion focuses on retail, dining and nightlife experiences. The company acquired the former ITC Center Crossing South in 2021 for $49 million.

Since then, the site received several million dollars in upgrades, according to Black Lion, including to the façade, roofs, landscaping, lighting and exterior florals, helping it to secure notable retailers, including the aforementioned HomeGoods and Ross as well as Boot Barn, Fitness Factory, Sketchers, Chipotle and Panda Express.

The listing for The Gardens is held by President and Principal Danielle Brunelli and Investment Sales Specialist and Principal Mario Brunelli with R.J. Brunelli & Co. That Old Bridge-based firm not only negotiated the sale to Black Lion, but was retained following that transaction to continue as exclusive leasing agent at the nearly 50-acre property.

Located between Interstate 80 and Routes 206 and 46, Black Lion says the center attracts shoppers from Roxbury, Ledgewood, Chester, Hackettstown, Netcong, Mount Arlington, Dover and Randolph.

According to data from Placer.ai, the center got more than 306,000 visits in August 2023.

Since its inception, Black Lion says it has transacted more than $600 million in deals nationwide. In addition to New Jersey, the company has purchased, improved and resold retail shopping centers in California, Texas, Arizona, Georgia, Wisconsin and Florida.