Sale of 184,000 SF Former Macy’s Store
Newmark Associates, Inc. Exclusive Broker for the Sale of 184,000 SF in Major Retail Corridor
Real Estate Investment Firm Acquires Macy’s Site at Burlington Center Mall
By Jan De Pinto
Newmark Associates, Inc. acted as the exclusive brokerage company for the sale of the former Macy’s store located at 2501 Mt. Holly Road in Burlington, New Jersey. A real estate investment division of Las Vegas-based firm Moonbeam Capital Investments, LLC, Burlington NJ, LLC, purchased the property.
In December 2013, Moonbeam Capital Investments, owner of the Burlington Center Mall, Diamond REI and J.S. Hovnanian & Sons, announced a joint venture to redevelop the Burlington Center Mall and adjacent land. Located along Route 295 with access from Exit 5 of the New Jersey Turnpike, the total project will consist of over 150 acres of prime land development.
The redevelopment project will combine the Burlington Center Mall and adjacent land bringing the total available retail space to over 1.5 million square feet – over 300,000 square feet of available space has already either been committed or occupied by national retailers. The project aims to create a new shopping experience known as the “Marketplace at Burlington” where a significant number of national retailers, entertainers, and restaurants at the center’s surrounding areas will provide not only a facelift to this shopping destination, but revitalize the property by bringing increased traffic to the site for all tenants.
Macy’s chose Newmark Associates, certified as a Supplier Diversity Provider, to represent their company in the sale. Newmark Associates’ David Bieber, Esq., and Craig Levitan, represented both the seller and the buyer in the sales transaction. Susanne Newmark, President, commented: “I am pleased that we are part of the network of accredited Supplier Diversity Providers, and the partnership that it helped to create between Newmark Associates and Macy’s.”
Newmark Associates, Inc., located in Cedar Knolls, New Jersey, has earned recognition as one of the top real estate brokerage companies by <i>NJBIZ</i> magazine, and CoStar Commercial Real Estate Information and Analytics. The company specializes in lease and sales transactions and has earned a reputation for market expertise in the state of New Jersey.