EAST HANOVER, NJ – A prominent New Jersey real estate developer now owns a strip mall on Route 10 in a deal described by a broker as being "an excellent opportunity" for retail success.
The developer, Ray Pascal, purchased the mall at 389 Route 10 from Charm House in a deal brokered by Sheldon Gross Realty, according to the Realtors. They said the 26,950-square-foot strip mall currently has four units, including the prescription eyewear retailer Luxottica and Enterprise Rent-A-Car.
Sheldon Gross Realty said it has managed the property for six years under the direction of its vice-president, Eric Weston.
“Because our company has managed this property for years, I know what an excellent opportunity it represents for the new owner,” Weston said. “The entire Route 10 corridor through East Hanover is a tremendously vibrant retail and entertainment location. For tenants, there’s never a shortage of potential shoppers.”
The site is close to Route 80, Route 46, Route 287 and Route 280 and the Garden State Parkway "is less than ten miles away," noted Sheldon Gross Realty.