Business

Retail Revival: Newly Signed Leases Ignite Commerce at Union Lake Crossing

MILLVILLE, N.J., May 17, 2024 – The Irgang Group, a prestigious property management firm, has made significant advancements in the retail sector with a noteworthy transaction of new leases at Union Lake Crossing. Totaling an impressive 46,000 square feet, these latest additions mark a continuation of Irgang Group's strategic acquisition onslaught. This announcement comes closely behind their prior streak of acquiring 61,000 square feet in new leases, vaulting the occupation rate of the sprawling 393,000-square-foot power center to about 98%. The Irgang Group's audacious market move can be traced back to when the New York-based company first secured the southern New Jersey shopping hub in November 2021, when roughly 72% of its space was tenanted.

The recent influx of leases includes big-name brands such as Old Navy, Skechers, Inspira Health, Rally House, Poke Bros., Crumbl, and the much-talked-about Five Guys. These fresh additions join the enlivening presence of recently greeted tenants such as Fun City Adventure Park, Cato Fashions, and Boot Barn, and the impressive expansion and facelift of Five Below.

Union Lake Crossing, catering to the broader Millville-Vineland market, boasts an impressive roster of anchors including ShopRite, Kohl's graced with Sephora, and a Target operating in the shadows. Fun City Adventure Park's eagerly anticipated inception in January 2024 adds considerable weight to the center's tenant collection, which already includes sub-anchors like Ross Dress For Less, PetSmart, Staples, and Boot Barn. Plus, the property's roster is strengthened with well-known establishments such as Famous Footwear, Party City, Five Below, Buffalo Wild Wings, Sonic, Moe's Southwest Grill, AAA, and financial titan Charles Schwab.

The addition of these high-profile national and regional storefronts is matched by the intriguing hint from Irgang Group CEO Mark Irgang that negotiations with two other national brands for smaller footprints are actively ongoing. The only vacancies remaining are a versatile 2,300-square-foot inline space and a promising undeveloped parcel that is ripe for development with the possibility of integrating drive-thru access. These leasing milestones underscore a brisk moment for the company, plugging significant vacancies stemming from the departure of anchor stores, the impact of retailer bankruptcies, and assorted minor tenants closing.

Among these freshly minted lease agreements, Old Navy is poised to take over a prominent 15,000-square-foot partition of the space vacated by Dick's Sporting Goods, alongside the crowd-puller, Fun City. This move forecasts a grand inauguration projected for fall, with Old Navy migrating from a neighboring complex, enhancing the shopping center's retail diversity. Charged with facilitating this venture are R.J. Brunelli Principal/VP Mario Brunelli and sales associate Chelsea Reizner, with Old Navy's interests represented by Michael D. Friedman of Inline Realty.

In a notable healthcare development, Inspira Health maps out a summer opening of its expansive 9,127-square-foot premises where Pier 1 once stood. This medical establishment is positioned to offer comprehensive services ranging from primary care to specialty niches. Capturing the region's healthcare catchment, Inspira operates an extensive network of hospitals and over 35 satellite offices. Negotiations were handled by Brunelli and Reizner for Irgang, and Craig Levitan of Rendina Healthcare Real Estate on behalf of Inspira.

Skechers also joins the summer welcoming party, looking to launch its inaugural store in Cumberland County, securing a 7,500-square-foot slot previously held by Dressbarn. This lease sees Irgang Group subtly guided by Brunswick and Reizner, with Skechers presented by George Wisnoski of Equity Retail Brokers.

Rally House, a fast-expanding retailer of officially-licensed professional and college sports merchandise, anticipates a summer curtain-raiser for its 7,500-square-foot space once the home of Marburn Curtains. The Irgang Group's leasing endeavors received representation from Brunelli and Reizner, while Jonathan Spoerl and Michael Gorman of Metro Commercial acted for Rally House, a retail chain with a formidable network of over 190 outlets across 18 states.

Five Guys has already fired up the grills at its inaugural county spot at Union Lake Crossing, taking over a 4,400-square-foot area that formerly catered to Quest Diagnostics' clientele. This new burger haven was brokered by Brunelli and Reizner on behalf of Irgang Group, while Stanton Brown of MSC represented the franchise.

The Irgang Group's mastery of maximizing real estate is on display with the subdivision of a 2,400-square-foot former Geico office, artfully repurposed to house two burgeoning food sensations: Crumbl and Poke Bros., set for a summer debut. Crumbl, the franchisor of over a thousand cookie bakeries nationwide, has leased 1,400 square feet under the guidance of Brunelli and Reizner for the landlord, and R.J. Brunelli Principal/CEO Ron Deluca representing the franchisee.

Poke Bros., purveyor of bespoke Hawaiian-style poke bowls, will occupy the adjacently tailored 1,000-square-foot segment. Here, the exquisite choreography of the deal saw the same Brunelli and Reizner pair for Irgang Group, while Niklas Marley of Metro Commercial stood for Poke Bros.

The seismic enhancements to Union Lake's tenant composition have been catalytic in surging the foot traffic at the property, recording a 21% elevation in annual customer inflows—from 4.2 million to a vital 5.1 million. This surge is attributed to Placer.ai's insights, emphasizing the magnetic appeal of the new joiners. Gene Rarey, Operations Manager-Retail Properties at Irgang Group, also serving as the construction manager for new tenant spaces, projects an uptick in visits upon the launch of these stores. Architectural oversight of tenant developments benefits from the in-house talents of Orli Eshkar, RA, and Yuri Menzak, RA.

Positioned strategically at the bustling intersection of North 2nd Street (State Highway 47) and Union Lake Boulevard, Union Lake Crossing enjoys seamless connectivity to State Highway 55, making it an accessible shopping nexus. Opened in 2006, the center draws significantly from a primary market featuring 128,621 residents within a 10-mile radius. This patronage is not limited to the primary market; around 23% of visits echo from a distance spanning 10 to 30 miles, thereby extending the center's appeal to an expansive market teeming with 961,012 residents.

Those interested in leapfrogging their brand presence through leasing opportunities can reach out to Chelsea Reizner at [email protected] or explore additional details at Union Lake Crossing Leasing Information.

Tapping into the firm's rich heritage in retail real estate dating back to 1981 with a humble retail strip endeavor in The Bronx, Irgang Group evolved through the years, dabbling in mixed-use and multifamily properties within New York City's dynamic landscape. The firm today boasts ownership and management of over 20 multi-faceted properties. In 2021, the company's ambitions swelled to include large suburban outdoor retail centers. Besides Union Lake, its portfolio extends to Main Street South Fulton in Atlanta and Poplin Place in the metro Charlotte, NC, market. True to its growth-oriented ethos, Irgang Group remains on the prowl for acquisitions of power and neighborhood shopping centers situated in densely populated U.S. territories.

Media Contact
Elisa Krantz, Jaffe Communications, can be reached at [email protected] for any media inquiries. Additionally, photos of Union Lake Crossing are readily available upon request from Jaffe Communications.

SOURCE: Irgang Group

With the latest enhancements in Union Lake Crossing’s retail showcase, the crowd's enthusiasm is palpable. As the silver shutters of new storefronts roll up to the delight of eager shoppers, the stage is set for a retail renaissance in the heart of Cumberland County. This thriving commercial beacon stands testament to the resilient spirit of the retail industry, the strategic acumen of Irgang Group's leadership, and the communal anticipation of a revitalized shopping experience.