CBRE announced today the completion of three leases totaling 12,800 sq.-ft. with retail tenants in Flemington, Lebanon and Garwood, NJ. Marta Villa and Sam Bernhaut of CBRE represented the owners in all three direct deals with the new tenants.
“The Northern New Jersey retail leasing market is seeing increased demand as the area’s median household income remains considerably above the national average, leading tenants to compete for a dwindling supply of available retail space,” said Ms. Villa, a senior vice president in CBRE’s Florham Park, NJ office. “Regional retail spending is up more than 6 percent year-over-year, and tenant demand has brought retail vacancies down to pre-pandemic rates.”
In the first deal, Manhattan Bagel signed a 2,800 sq.-ft. lease at 39 Route 31 in Flemington, NJ at a former stand-alone fast-food location with a drive thru and parking for 28 vehicles. The tenant also owns and operates two other Manhattan Bagel locations in Union and Westfield, NJ.
Healthy snacks maker Ancient Crunch took 6,000 sq.-ft. at 600 Corporate Drive in Lebanon, NJ, a four-story, 125,000 sq.-ft. Class A office property featuring a food court and other amenities nestled between both Routes 78 and 22 and offering premier highway access into New York City and Pennsylvania.
Academy Youth Sports Performance Training working with student athletes, signed a 10-year, 4,000 sq-ft. lease at the Blue-Ribbon Shopping Center at 100 North Avenue in Garwood, NJ.