Cushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza, Suite 1100
East Rutherford, New Jersey 07073
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Release Date: Thursday, July 10, 2014
Media Contact: Evelyn Weiss Francisco (201) 796-7788
The 25,000-Square-Foot Space is Slated for a Spring 2015 Completion
MONTCLAIR, NJ, July 10, 2014 – LCOR, a fully integrated real estate company specializing in property development, investment and management, has selected Cushman & Wakefield as the exclusive retail agent for 25,000 square-feet at Valley & Bloom. Valley & Bloom, the initial phase of the innovative Montclair Center Gateway Redevelopment Plan, offers retailers prime visibility on Bloomfield Avenue and access to a dynamic mixed-use environment.
The East Rutherford, N.J.-based Cushman & Wakefield team of Nancy Erickson, Director-New Jersey Retail, and Associate Director Jennifer Sofia will head the assignment, handling the lease-out of the initial 25,500 square feet of retail space. Move-ins for the space, which can accommodate up to six tenants, is expected to begin in the winter of 2015.
“We will be working very closely with LCOR to bring in a targeted tenant roster consisting of both local and national retailers to Valley & Bloom,” said Erickson, whose team represents almost two dozen New Jersey retail properties totaling more than 200,000 square feet. “We are targeting retailers that fit in with Montclair’s sense of community and support the already-thriving downtown.”
“With 18-foot ceilings and large floor plates, the scale of this space is unique for the Montclair area, which typically doesn’t see retail larger than 1,000 square feet,” said James Driscoll, senior vice president of LCOR. “This offering provides local and national retailers, as well as restaurants, the rare opportunity to establish a presence in an existing market with brand new space convenient to parking and an active walkable community, and we are very confident that Nancy Erickson and her team, with their well-documented track record of success as both landlord and tenant representatives, will accomplish that goal.”
With a prime location within Montclair’s Downtown area, the retail component at Valley & Bloom will also be located directly across the street from The MC Hotel, being developed by The Pinnacle Companies. The eight-story, full-service boutique hotel will include a gourmet restaurant at its base and a sophisticated rooftop bar.
“We are already seeing interest in this one-of-a-kind retail location, and anticipate making some announcements very soon,” said Erickson.
Located at 638 Bloomfield Avenue, Valley & Bloom is comprised of two buildings that will include a total of 258 apartments, 24,500 square feet of office space, 25,500 square feet of retail space and 571 parking spaces. LCOR and co-developer The Pinnacle Companies broke ground on Valley & Bloom in November 2013, with anticipated completion expected in spring of 2015.
Valley & Bloom is conveniently located within one mile of two New Jersey Transit commuter rail stations with direct service to Midtown Manhattan. With a population of approximately 39,000, Montclair is a sought-after community for a diverse group of residents attracted to the area’s convenient transportation options, as well as its culture and charm. Just two-blocks from Valley & Bloom is The Montclair Art Museum, which just celebrated its 100th anniversary. Montclair is also home to Montclair State University, a diverse liberal arts university with nearly 20,000 students, which recently added a School of Business and School of Music.
Cushman & Wakefield is the world’s largest privately held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and management assignments. Founded in 1917, it has approximately 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has nearly $4 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.
LCOR is a fully integrated real estate company with a mission to create better places to live, learn, work, travel and play. In 2012 LCOR recapitalized the company with the California State Teacher’s Retirement System and the resulting new platform, with a significant asset and capital base, is poised for strategic portfolio growth. LCOR specializes in core urban development and acquisition / redevelopment opportunities where assets can be repositioned or rehabilitated to add value. The company is a pioneer and leader in public/private development, including government spaces, aviation facilities and infrastructure. LCOR’s real estate operating and development business manages approximately 8,000 multifamily units, 7.5 million square feet of commercial space and a substantial development pipeline of mixed use real estate in core markets. Nationally, LCOR has developed more than 21,000 residential units and 18+ million square feet of commercial space. LCOR is principally focused in the eastern United States, with offices in New York City and the Washington D.C. and Philadelphia metro areas.