Bronstein invests in The Gardens center in New Jersey for $41 million
The Gardens, an open-air center in Mt. Olive Township, N.J., has a new principal investor.
Flushing N.Y.-based Bronstein Properties has acquired the two buildings in the center, which is located at the intersection of Routes 46 and 80 for $41 million from Rivani. RJ Brunelli & Co. brokered the sale.
The two buildings included in the sale house HomeGoods, TJ Maxx, Ross, Michaels, and PetSmart. Other prominent tenants include Boot Barn, Skechers, Five Below and Fitness Factory.
Walmart and Lowe's shadow-anchor the 47-acre property (formerly known as ITC Crossing South), which also includes seven separately owned restaurant and bank pad sites.
RJ Brunelli, which represented Rivani in the sale, continues to handle leasing for the center’s three remaining vacant spaces.
This latest transaction follows Rivani's December 2025 sale of the property's Lowe's site and the seven pads, totaling 168,000 square feet, to Agree Realty for $27.9 million. The pad lineup includes Applebee's, Chipotle, Longhorn Steakhouse, McDonalds, Panda Express, Wells Fargo and Wendy's.
RJ Brunelli's role at the property began in 2019, when it was tapped as exclusive leasing agent by the ownership group. At the time, the property's overall vacancy rate stood at 24%. Bankruptcy-related closings of the center's Bed, Bath & Beyond, Babies 'R' Us and Pier 1 stores pushed the vacancy rate to 41% in the two inline buildings.
Rivani (formerly known as Black Lion Investment Group) acquired ITC Crossing in December 2021 for $49.8 million from a 36-member ownership group, with the purchase including the two inline buildings, Lowe's and multiple pad sites aggregating 373,612-square feet.
The Old Bridge, N.J.-based RJ Brunelli, which represented the ownership group and its asset manager National Asset Service on the sale, also continued its role as exclusive leasing agent under Rivani.
"ITC Crossing was quite distressed and tired looking, but it was still a great location with strong anchors," recalled RJ Brunelli’s president Danielle Brunelli. "I had been leasing the center for a year or more during COVID and was fortunately able to recruit Five Below, expand a local salon from 2,000 to 5,000 square feet, bring in such other tenants as AT&T and Rita's Ice's, and receive interest from Home Goods to relocate from another center."
According to Placer.ai, The Gardens had 5 million visits in the last 12 months.
"Visits continue to increase annually since the center's new tenancy and property enhancements," Brunelli said.