Sale of New Jersey movie theater closes

MORRISTOWN, Sept. 7, 2023 – JLL Capital Markets announced today that it has closed the sale of a 37,630-square-foot Cinemark situated on a six-acre site located in Watchung, New Jersey.

JLL represented the seller, and a JV between Agus Holdings and Treeco acquired the asset.

Cinemark is a newly constructed, 37,630-square-foot, single-tenant building located along the busy Route 22 retail corridor in Watchung, New Jersey. Constructed in 2019 on the site of a former Sears, the 10-screen theatre features heated luxury recliners and an XD auditorium. Situated in highly affluent Watchung, which boasts an average household income of approximately $240,000, the property benefits from a significant AADT of 63,000 vehicles and a remaining lease term in excess of ten years.

The JLL Retail Capital Markets team that represented the seller was led by J.B. Bruno, Kevin O’Hearn, Ryan Robertson and Jose Cruz.

“The property’s new vintage, location along a busy stretch of Route 22 and complementary adjacent uses drove investor interest in this transaction,” Bruno said.

Josh Agus on behalf of Agus Holdings added, “This corner within an exceptional retail corridor stands out as the most coveted corner within the entire trading region. Our pursuit is dedicated to discovering remarkable retail spots that hold an irreplaceable presence within the New York and New Jersey trade zones, and this location embodies all the essential elements we seek.”

Andrew Fish, Managing Member of TREECO, said, “TREECO is very excited to team up with Agus Holdings on the acquisition of this outstanding retail corner. This is the best intersection in the Watchung marketplace, evidenced by the fact that this location has been continuously occupied by only two separate tenants since being developed over 70 years ago. It’s always our dream to acquire this property as it is immediately adjacent one of our legacy assets.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Treeco develops, owns, and manages a diversified portfolio of properties in urban and highly populated suburban locations along the Northeast corridor. Treeco’s portfolio includes class-A, everyday shopping centers, ranging from 75,000 – 250,000 square feet, anchored by national retailers and major grocery stores.

Agus Holdings has been involved in the real estate investment industry close to 30 years. It currently owns and operates approximately 1 million square feet of real estate in New York and New Jersey.