Advance Realty, DeBartolo Development and Invesco announced Wednesday that in a joint venture the trio has acquired the Ledgewood Mall in Roxbury.
“The Ledgewood Mall has been a valuable asset for our town since its construction more than 40 years ago,” Roxbury Mayor Jim Rilee said in a prepared statement. “I’m excited by the prospects for the property under its new ownership, and look forward to working closely with this partnership.”
The mall is comprised of 445,000 square feet of enclosed space, 60,000 square feet of outbuilding and 12,000 square feet that make up a smaller building, totaling 517,000 square feet.
“The mall’s ideal location on a large parcel of land within the heart of Morris County presented us with a compelling opportunity to acquire a property that is an important part of the area’s retail sector,” Peter Cocoziello, president of Advance Realty, said in a prepared statement. “We look forward to working with our JV partners and the town of Roxbury to modernize the property and ensure its future.”
“Morris County offers one of the Northeastern U.S.’s best retail profiles. The area’s demographic mix and infrastructure of well-maintained roadways make it an ideal corridor for retail activity. This represents a great opportunity to deliver a first-rate shopping experience for the people of Morris County and neighboring towns,” Edward Kobel, CEO and president of DeBartolo Development, said in a prepared statement.
Christopher M. Bellapianta, managing director and principal of Advance Realty, was the head of the transaction on behalf of the joint venture.
Financial terms of the transaction were not disclosed.
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