Urban Air Adventure Park Opens 24,000-SF Location in Milltown, NJ

Colliers’ Erickson: Lease Illustrates Growing “Retailtainment” Trend at Shopping Centers. End Quote

Middlesex-Somerset-Hunterdon, NJ (1888PressRelease) January 23, 2018 - An Urban Air Adventure Park location has opened in Milltown, illustrating growing momentum for recreation-focused leasing at retail properties, announced Colliers International NNJ LLC (NASDAQ:CIGI, TSX:CIG). The full-service family entertainment center leased 24,000 square feet at Ryders Crossing Shopping Center, 396 Ryders Lane.

Urban Air offers a variety of attractions for all ages, serving as a venue for kids’ birthday parties, church events, corporate gatherings or a day out for some family fun, according to the company’s website. Colliers’ Nancy Erickson and Kelly Bayer, retail specialists based in the global commercial real estate services firm’s Parsippany, N.J., office, represented Urban Air in the long-term lease at Ryders Crossing. Steve Winter from CBRE served as broker for the landlord, Morel Operating Co. LLC.

“We are seeing more and more recreational concepts coming into shopping centers, marking a paradigm shift within the industry,” Erickson said. “From adventure parks like Urban Air, to movie theaters, to restaurants with entertainment built into the brand, these tenants are drawing traffic and providing their properties with a blended component that is becoming a ‘retailtainment’ experience for consumers. This is an incredibly beneficial concept as bricks-and-mortar properties adapt for success in an ecommerce-influenced landscape.”

Erickson added that Ryders Crossing Shopping Center’s prime Middlesex County location made it an ideal fit for Urban Air’s franchise growth. The Colliers team continues to work with brokerage firm E. Smith, which represents Urban Air on a national basis, in seeking regional expansion opportunities.

About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.

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