A retail space located at 398-410 Springfield Avenue in Berkeley Heights has recently been leased. The property, with a total area of 5,110 square feet, was leased by Dogtopia. The lease terms include a 10-year lease with (3) 5-year options. The asking rent for the space was $25 per square foot. The lease type is an NNN Lease, indicating that the tenant will be responsible for additional expenses such as taxes, insurance, and maintenance.

Summary of transaction details:

• Property Type: Retail
• Transaction Date: 03/02/2022
• Address: 398-410 Springfield Avenue
• Market: Berkeley Heights

In this transaction, the landlord of the retail space is Frank & Al Mea Berkeley Development Co, L.P. Representing the landlord is Chris Conway from The Goldstein Group. Dogtopia, the tenant, was represented by David Townes & Alana Friedman from Cushman & Wakefield. It is worth noting that the space includes an additional 1,200 square feet in the rear that was previously used for owner storage.

According to a note from the broker, Grocery Anchor Centers remain the most valuable suburban retail assets. This implies that the presence of a grocery store anchor in a retail center adds significant value and appeal to the surrounding area.