Demolition Begins at Former Ledgewood Mall Site, Paving the Way for Creation of Vibrant,450,000-SFPower Center Featuring Shopping and Dining
A partnership between Advance Realty and DeBartolo Development today announced it has commenced the development of The Shops at Ledgewood Commons, a 450,000-square foot,powercenter on Route 10 inRoxbury, New Jersey.
The partnership recently began demolition at the site – the first step in the de-malling of the existing Ledgewood Mall – and will soon start construction, implementing an extensive capital improvement program aimed at attracting a diverse mix of shopping and dining that will appeal to residents of Ledgewood and the surrounding area.
A modern, open-air shopping center, The Shops at Ledgewood Commons will offer a mix of anchor, junior anchor and pad site opportunities. Construction is expected to be complete in 2019.
“The demolition of this antiquated mall is an important first step in our plan to transform this prime commercial property into a place where locals can eat, shop and gather,” Advance Realty Founder and CEO Peter Cocoziello said.“We’re grateful and excited that Roxbury Township supports our vision for the property, and we look forward to taking the next steps in delivering a world-class shopping and dining destination to the community.”
Key to the vision for The Shops at Ledgewood Commons is the center’s prime geographic location amid a thriving trade area. The property is conveniently located in Morris County on Route 10, a quarter of a mile from Route 46 and two miles from I-80. More than 100,000 people reside within a five-mile radius, with an average household income in excess of $125,000.
The Partnership of Advance Realty and Debartolo Development acquired the former Ledgewood Mall property in 2015.
“We could not be more excited to begin work building The Shops at Ledgewood Commons,”said EdwardKobel, DeBartolo’s President and Chief Operating Officer. “Retail properties around the country are undergoing a rapid evolution, and our plan for this formerly aging property will ensure it remains a vibrant destination for decades to come.”
Mike Testa, Bill Farkas and Shane Wierks of Jeffrey Realty are serving asexclusive leasing agents for the shopping center. For more information on The Shops at Ledgewood Commons, please visit www.ledgewoodcommonsretail.com.
About Advance RealtyAmong real estate’s most reputable and successful companies, Advance Realty has established itself as one of the industry’s most innovative and forward-thinking firms. Since 1979, Advance has continuously evolved to meet changing market demands by leveraging the creativity and collective knowledge of its team of world-class professionals, while remaining true to its commitment to responsible development. Headquartered in Bridgewater, New Jersey, Advance employs a multifaceted strategy, actively pursuing real estate investments in commercial, residential, industrial, retail and mixed-use projects that present an opportunity to enhance value through development, repositioning and redevelopment. The company currently owns, manages or has invested in a diverse, 10-million-square-foot portfolio of properties across all asset classes throughout the Northeast Corridor. For more information, visit www.advancere.com.
About DeBartolo Development
DeBartolo Development is one of the largest private real estate companies in the United States with a successful track record spanning more than seven decades. The company invests in real estate assets of all sizes and scopes, specializing in opportunistic acquisitions and market-driven, ground-up development of multifamily, hospitality, retail and mixed-use projects. Most recently, DeBartolo developed and opened KaMakanaAli‘i, the first regional shopping center to be built in Hawaii in over 30 years. For more information, visit www.debartolodevelopment.com.
