A Strategic Move for Bronstein Properties
Today in real estate, partners are reshuffling and money's trading hands as RJ Brunelli & Co. puts another feather in its cap. Securing the sale of The Gardens—a 210,845-square-foot power center situated in Morris County's Flanders, N.J.—for a neat $41 million. It wasn't merely about changing hands; it represented a culmination of years of strategic renovations and tenant alignments that RJ Brunelli spearheaded.
Revitalizing Retail: What's the Backstory?
It's the second sale in five years, mind you, making waves with Bronstein Properties stepping in to acquire this well-spruced joint from Rivani. We're talking about a location once bogged down with significant vacancies, now revitalized with anchors like Walmart and Lowe's casting a steadying shadow over the landscape. The Gardens is locked conveniently at the crossroads of Routes 46 and 80, a prime spot capturing local and highway traffic alike.
The RJ Brunelli team has been instrumental in the success and transformation of The Gardens.
Turning the Tide from Vacancy
You didn't need to be a real estate guru to see the potential when RJ Brunelli took over the leasing baton in 2019. Sitting at a 24% vacancy rate only to spike to a glaring 41% due to bankruptcy woes from tenants like Bed, Bath & Beyond, Babies 'R' Us, and Pier 1, it was a bumpy road. Danielle Brunelli, the firm’s President, recalls the dogged effort to reinvigorate the site, even amidst the COVID chaos. Bringing in fresh faces like Five Below and orchestrating tenant rearrangements proved pivotal.
Deals Stitched Over Time
The groundwork by RJ Brunelli went beyond just filling spaces. They facilitated a bidding war that crowned Rivani the top contender. Later, tuning up the facades and tenant lists transformed ITC Crossing into the coveted Gardens it is today. Rivani's sale of Lowe's site and pad sites to Agree Realty for $27.9 million in late 2025 illustrated strategic asset turnover.
A New Chapter Begins for The Gardens
With this latest transaction done, RJ Brunelli remains at the helm leasing a couple of spaces still open. The site now pulses with national retailers hopping back into their boots—HomeGoods, TJ Maxx, and Fitness Factory are in the mix, fortifying the site against further vacancy risks. Let's not forget, the footfall's impressive too, with a reported 5 million visits in the last year, a number bustling post overhauls.
Tapping into Prime Real Estate
The Gardens sits on 46.7 acres drawing folks from a 10-mile span of 252,000 residents and 85,000 daily vehicles whizzing past on Rte 80. The Gardens isn't just resting on big-name tenants—it’s a testament to savvy management leveraging strong anchors and increased foot traffic to drive up both interest and income.
In closing, taking a winning site from barren vacancies to a bustling retail hub is no small feat. If Bronstein Properties plays their cards right, they’ve pinned themselves an asset worth more than just the retail square footage—it’s a legacy of smart transformations and fought-over tenancies. Hats off to RJ Brunelli for making magic from the mayhem.
