Mall makeover attracting all the right faces

Real Estate Weekly,  May 9, 2007  

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Following a multi-million dollar renovation, The Lightstone Group, one of the largest private real estate owners in the country, announced that Staples has opened a 20,700 s/f store at the Millburn Mall, which is located in the Vauxhall section of Union Township, New Jersey.

The Staples opening is just one step in a major influx of office and retail leasing activity throughout the mall.

In addition to the opening of Staples, the world's largest office products company, The Lightstone Group has signed a 10-year lease with Five Guys Famous Burgers and Fries, a casual restaurant chain with numerous locations in the Mid-Atlantic and Southeastern region, for 2,000 s/f, and a three-year extension with Sang-Tae Lee--Ozzie Cleaners for 1,500 s/f.

Office suite lease transactions include United Limo for 297 s/f for five years: Coryton, Inc. for 2.600 s/f for five years: Vauxhall Church of Christ for 600 s/f for five years; and Stratos Corporation, a financial service provider, for 300 s/f for five years.

"Having Staples open as one of our new mall anchors, coupled with the strong retail and office leasing activity, is a testament that the mall is a thriving area destination for both shoppers and business," said Jeffrey Dash, vice president of leasing for the Lightstone Group.

"Last year's exterior renovation has truly brought renewed interest in the mall from both new and existing tenants. We expect leasing activity to remain very active as we near full occupancy."

The Millburn Mall received a new look last fall as the complex underwent an exterior makeover that included new corner towers, color coordinated brick, new canopies and lighting, and a newly paved parking lot. Perfectly situated to service the surrounding communities of Vauxhall, Millburn, Short Hills and Union, the Milburn Mall is situated in Union County on Vauxhall Road between the Valley Street and Millburn Avenue intersections. Staples will join long-term tenants Drug Fair and Union Center National Bank as co-anchors in the mall.

Founded in 1988, The Lightstone Group is ranked among the 25 largest real estate companies in the industry with a diversified portfolio of over 20,000 residential units as well as office, industrial and retail properties totaling approximately 30 million square feet of space in 28 states and Puerto Rico.

Headquartered in Lakewood, New Jersey, The Lightstone Group employs over 1,000 professionals and maintains regional offices in New York, Maryland, Virginia and California.

The Lightstone Group has acquired in excess of $2 billion in real estate over the past 20 months.

COPYRIGHT 2007 Hagedorn Publication
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