New York & Tri-State + New Jersey + Retail | May 11, 2022

The 100% leased Greenleaf at Union shopping center in Union Township, NJ was developed in 2017

IPA Brokers Sale of New-Build Northern NJ Shopping Center

Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale of Greenleaf at Union, a 100%-occupied, 109,828-square-foot community shopping center on U.S. Route 22 in Union Township, NJ. The seller was Sun Equity Partners LLC and the buyer was Prestige Properties.

Developed in 2017, Greenleaf at Union is anchored by a LA Fitness Signature Club and Bob’s Discount Furniture. The center also has 27,000 square feet of small-shop space.

“Greenleaf at Union represents one of the rare new shopping centers built in Northern New Jersey in the past five years,” said IPA’s Brad Nathanson, who arranged the sale with IPA’s Steven Siegel.

He continued, “Within close proximity to New York City, the trophy nature of the center’s location along heavily traveled Route 22 is highlighted by the fact it is shadow-anchored by highly successful Costco with combined visits of over 3.5 million in the trailing 12 months.”

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Inside The Story

IPA's Nathanson

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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