Denholtz Associates Receives Approval for New Shopping Center at Clark Commercial Center11.10.2016
Clark, N.J. (November 10, 2016) – Denholtz Associates has announced that the Township of Clark Planning Board has unanimously approved a 14,000 square-foot shopping center located at the 21-acre mixed use site on Terminal Avenue in Clark, N.J.
The approvals are the first step in the planned redevelopment of the property that stretches from Central Avenue to Westfield Avenue and exemplify the strategic partnership between the Township of Clark and Denholtz Associates. The shopping center will boast a clean, modern design and will be anchored by New York Community Bank and a free-standing Dunkin Donuts featuring a drive thru. The rezoning of Terminal Avenue has broadened the property’s range of commercial and retail use and future development opportunities allowing Denholtz Associates to work with the township to enhance local amenities and services for residents.
Denholtz Associates’ Clark Commercial Center portfolio consists of 10 commercial buildings totaling 283,201 square feet and one unimproved parcel that Denholtz is evaluating for future development. Stretching an entire block along Terminal Avenue, the Clark Commercial Center offers great potential for a shopping center. Located just off Exit 135 of the Garden State Parkway between Central and Rahway Avenue, the site offers easy access to I-78 and the New Jersey Turnpike. The facility is within a short distance of restaurants, banks, hotels and other suburban conveniences.
The Terminal Avenue property boasts a wide range of tenants including L’Oreal, one of the largest cosmetics companies in the world, leasing over 190,000 square feet of the portfolio and housing its North American research and development facility on the property. Other major tenants include The Lawbook Exchange, KinderCare Learning Centers, LLC, Retro Fitness, and PromptCare.
“Today marks an important day in the redevelopment of Terminal Avenue and we are grateful for the support and shared vision that the Township of Clark has for the site,” said Russ Azzarello, Vice President at Denholtz Associates. “By working with the town we are confident that this first phase of redevelopment will provide residents with more conveniences and options ultimately enhancing the community in which they live. Strong civic partnerships are immensely important in redevelopment projects like this and we look forward to working with the town and its continued support.”
Denholtz Associates acquired the property in October 2015 in a joint venture with MB1 Capital Partners, a privately held owner and operator of commercial real estate investments that is based in Belmar, NJ.
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