Three New Leases Render Retail Phase II Of Crossroads at Somerset/Shoprite Project Fully Leased
12 New Phase II Retail Units Fully Leased; 25,733 SF Phase III to be Completed Mid-2013.
- Edison, NJ (1888PressRelease) October 17, 2012 - Three new Crossroads at Somerset lease agreements have rendered the Retail Phase II component of this ShopRite-anchored neighborhood shopping center fully occupied. The multi-phase 118,000-square-foot mixed-use project is owned, developed and managed by Crossroads Companies, LLC, of Mahwah, N.J.
The new tenants include Integrated Health, a dental studio; La Vida Massage; and Robert Wood Johnson University Hospital. They join the Phase II tenant roster of Verizon Wireless, My Tokyo Sushi, Let's Yo Frozen Yogurt, Frank's Pizza and Hair Cuttery.
Located in close proximity to the township's newest residential neighborhoods, Crossroads at Somerset opened in fall 2007 with a 70,000-square-foot Village ShopRite supermarket as its flagship. Development of Retail Phase II was approved in 2010 and a free-standing 4,025-square-foot Wells Fargo Bank soon followed. The balance of Retail Phase II involves a total of 10 neighborhood-oriented retail stores completed this past summer.
"Thanks to a surging population of more than 56,000 households, within a five-mile radius, and 1,400 households with an average income of $98,014, within a one-mile radius, Crossroads at Somerset presents a unique leasing opportunity," said Al Giglio, owner's rep of Crossroads Companies. "This highly visible retail plaza offers easy vehicle access and high foot traffic in one cohesive neighborhood shopping center."
The final stage of Crossroads at Somerset's development involves Retail Phase III, a 25,733-square-foot retail building being marketed this fall. Suited for either a single user or sub-division, Phase III's spaces start at 1,400 square feet. The stores are currently under construction, with completion slated for mid-2013.
Crossroads Companies, LLC, is a full-service real estate development firm that provides third-party management, leasing and consulting services. Based in Mahwah, N.J., Crossroads' portfolio includes approximately 400,000 square feet of grocery-anchored shopping centers and free-standing single net-leased properties. Current projects are planned in Wyckoff, New Milford, West Milford and Wood-Ridge, N.J.
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