Union Lake Crossing. Picture courtesy of Irgang Group
Irgang Group has landed a brand new anchor at Union Lake Crossing, the corporate’s 393,000-square-foot energy middle in Millville, N.J. Enjoyable Metropolis Journey Park is now on the tenant roster, having signed a 35,500-square-foot lease on the southern New Jersey retail vacation spot.
“Enjoyable Metropolis provides a brand new dimension to our combine that ought to drive extra visitors, lengthen the time of customer visits and bolster Union Lake’s enchantment to new tenants—together with eating places and different complimentary makes use of,” Mark Irgang, CEO of Irgang Group, informed Business Property Government.
Enjoyable Metropolis will arrange store with trampoline courts, a zipline, an arcade and different leisure choices within the majority of the anchor house that had been residence to Dick’s Sporting Items, which relocated its retailer to a mall in neighboring Vineland in 2016. The household leisure middle will rely a lately expanded ShopRite grocery store in addition to Kohl’s, Ross Costume For Much less, Staples and PetSmart, amongst its co-anchors.
Irgang relied on a staff led by Joseph Dougherty of Metro Business for illustration within the lease transaction with Enjoyable Metropolis. Don Mace of Keypoint Companions stood in for the tenant.
Magnet for greater than enjoyable
Initially developed in 2006, Union Lake boasts a key location alongside Cumberland County’s main retail hall. The purchasing middle has been a part of Irgang’s portfolio since November 2021, when, as a part of its growth into the retail sector, the actual property funding and administration agency acquired the roughly 43-acre asset from Goodman Properties in a transaction valued at $56.5 million.
“We’ve hit the bottom operating on Union Lake, with discussions underway with plenty of potential tenants for the remaining areas,” stated Mario Brunelli, vp & principal with R.J. Brunelli & Co. LLC, informed CPE. R.J. Brunelli is the unique leasing agent for Union Lake. “Attracting over 4.5 million guests within the final 12 months, this high-visibility, high-traffic energy middle is a logical touchdown spot for retail, restaurant, medical and repair tenants seeking to broaden within the Southern New Jersey market.”
With Enjoyable Metropolis’s dedication in place, Union Lake is now 86 p.c leased and Irgang expects to welcome extra new names to the facility middle shortly. “The Enjoyable Metropolis lease announcement is already producing curiosity from potential tenants,” Mark Irgang famous.
Retail lives
Retail actual property within the Millville-Vineland space is faring effectively, having recorded a 6.1 p.c emptiness fee within the third quarter of 2022, in accordance with a report by Lee & Associates. And the optimistic circumstances prolong past the submarket. “The state of South Jersey retail actual property may greatest be described as vibrant,” Brunelli stated. Nonetheless, as is the case with the U.S. retail actual property sector normally, retail in southern New Jersey has needed to make some changes within the post-pandemic local weather.
“Whereas actively working with nationwide and mother & pop retailers, we’ve additionally needed to suppose extra exterior the field when leasing massive field areas,” Brunelli added. “As in different markets, it’s not unusual to backfill massive packing containers with makes use of similar to recreation, leisure, well being care, self-storage and even, warehouse/industrial.”
Enjoyable Metropolis is on observe to open at Union Lake in mid-2023, marking the months-old leisure retailer’s second location in New Jersey.
