Robert Rivani's Black Lion Investment Group Acquires ITC Crossing South Power Shopping Center For $49.75M

30 International Dr S in Flanders, NJ has been sold in a transaction. The retail property, covering an area of 373,612 square feet, was purchased by Robert Rivani of Black Lion Investment Group. The deal was facilitated by Danielle R. Brunelli and Mario Brunelli from R.J. Brunelli & Co. The sale price for the property was $49,750,000, resulting in a price per square foot of $133. The property is situated in a prominent market in Flanders, NJ, and serves as a shopping destination for the affluent Morris County community of Mt. Olive. The center is anchored by well-known national retailers, including Lowe’s, Michael’s, PetSmart, Old Navy, T.J. Maxx, Panera Bread, McDonald's, Longhorn Steakhouse, and Bed Bath & Beyond.

Summary of transation details

• Property Type: Retail
• Transaction Amount: $49,750,000

Black Lion Investment Group, represented by Robert Rivani, expressed excitement over the potential for growth at ITC Crossing South. They plan on making a significant investment in a full-scale renovation, aiming to add tremendous value for current and future tenants. This acquisition aligns with Black Lion's goal of transacting over $250 million in 2021, including the purchase of the Oracle Wetmore Shopping Center in Tucson, Arizona for $38 million. Additionally, aside from retail real estate investments, Black Lion has heavily invested in high-end dining and nightlife properties in South Florida, such as the restaurant spaces at Marea condominiums in Miami's South Beach, SLS Lux in Brickell, and Hyde Hollywood Resort & Residences in Hallandale Beach. The firm has also undertaken the transformation of Wynwood Jungle in Wynwood, Miami's burgeoning submarket.

For more updates on Robert Rivani and Black Lion Investment Group, you can follow him on Instagram at @robert_rivani.