Robert Rivani Of Black Lion Sells Retail Asset In Flanders For $27.9 Million

The retail asset sold is located at 10-50 International Drive South in the Flanders market, comprising a total square footage of 167,532. The property was sold for $27,900,000, reflecting a price per square foot of $167.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $27,900,000
• Square Footage: 167,532
• Address: 10-50 International Drive South
• Market: Flanders
• Seller: Robert Rivani - Black Lion
• Brokers: Kevin O’Hearn, Jose Cruz & JB Bruno - JLL

The transaction featured JLL representing the seller, Robert Rivani, who emphasized the retail center's advantageous traffic ranking within the top 6% statewide and the long-term leases with an average duration of 11.8 years. A notable aspect of this deal includes the acquisition of The Gardens Portfolio, which consists of a 32,493 SF retail center along with an additional 135,039 SF Lowe’s in Mount Olive, NJ, hosting national tenants such as Applebee’s, Panera, and Chipotle.