Transaction marks firm's second sale of the revitalized power center in last five years

FLANDERS, N.J., Nov. 12, 2026 /PRNewswire/ -- RJ Brunelli & Co. today announced that it has brokered the sale of the 100% fee simple interest in The Gardens, a 210,845-square-foot shopping center in the Flanders section of Mt. Olive Township. Located at the intersection of Routes 46 and 80, the Morris County power center was acquired for $41 million by Bronstein Properties, LLC from Rivani.

The two buildings included in the sale feature such leading national retailers as 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 46.7-acre property (formerly known as ITC Crossing South), which also includes seven separately owned restaurant and bank pad sites.

RJ Brunelli, which represented Rivani on 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.

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, with Walmart as shadow anchor. The Old Bridge, NJ-based RJ Brunelli--which represented the ownership group and its asset manager, National Asset Service (NAS) on the sale--also continued its role as exclusive leasing agent under Rivani. In addition to working with RJ Brunelli to fortify the tenant mix, Rivani directed a facelift of the building facades and other elements that culminated in the property's transformation into The Gardens.

"The RJ Brunelli team has been instrumental in the success and transformation of The Gardens," said Rivani President Robert Rivani. "Their deep market knowledge, strong retailer relationships, and relentless commitment to leasing excellence played a critical role in repositioning the property and significantly increasing its value. Following our acquisition, the team delivered an impressive roster of national and regional tenants, including Ross, HomeGoods, Skechers, Fitness Factory, Chipotle, Panda Express, Boot Barn, and others. Their ability to attract high-quality tenants, execute strategic leasing initiatives, and create a compelling tenant mix directly contributed to the property's growth and long-term value. Beyond leasing, RJ Brunelli proved to be a true strategic partner, helping maximize the property's potential and ultimately positioning us for a successful sale. Their performance went far beyond filling vacancies — they created meaningful value at every stage."

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. "ITC Crossing was quite distressed and tired looking, but it was still a great location with strong anchors," recalled RJ Brunelli President/Principal 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. The ownership group's asset manager told us the center was about to be foreclosed on and gave us the opportunity to broker the sale."

Under the direction of RJ Brunelli Investment Sales Specialist/Principal Mario Brunelli, a bidding war ensued, with Rivani coming out on top. Notably, the runner-up buyer, Irgang Group, subsequently appointed R.J. Brunelli exclusive leasing agent for a Millville, N.J. power center it acquired in the fourth quarter of 2021.

In leasing The Gardens' remaining spaces, Ms. Brunelli noted that a lease is out for signature on a 2,400-square-foot store, leaving two available endcaps—a 6,000-square-foot former Famous Footwear that adjoins PetSmart and a 4,738-square-foot space near Skechers. Potential uses include a golf simulation facility, restaurant, children's clothing, sporting goods, children's swim school, dental, eyecare, bridal, card and gifts, beauty supplies, and children's entertainment. 

According to Placer, 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," Ms. Brunelli said.

The property offers immediate access to Rte. 80, a major interstate with a daily traffic count of 85,000; Rte. 46, with 35,000 vehicles per day, and Rte. 206, with 24,000. All told, the site draws from a 10-mile radius with 252,000 residents and an average household income of $169,721.   

About R.J. Brunelli & Co.

R.J. Brunelli & Co. serves as exclusive broker for 40 retail properties in New Jersey, as well as 13 out-of- state properties for lease. Total gross leasable area on the properties is approximately 5.1 million square feet.  The firm also serves as exclusive or preferred tenant representative for 31 retail, restaurant, recreational and service chains. These include representation in various New Jersey, New York and Pennsylvania counties for such companies as Dollar Tree, Raising Cane's, Gregory's Coffee, Vio Med Spa, Someday's Bakery, Guac Time Mexican Grill, Fro Yo Cafe, Asian Food Market, New Jersey Spine and Wellness, Bridgestone, Enterprise, One Love Pickleball, Sweat 440, Fun City, Sports Clips, JETSET, Konala, and Eat Clean Bro.  The firm recently joined the Retail Brokers Network, a nationwide consortium of 61 independent offices representing over 1,100 tenants in more than 65 major markets. 

Press contacts:  At R.J. Brunelli & Co., LLC, Danielle Brunelli, President, 426915@email4pr.com; at Jaffe Communications, Joey Linde, 426915@email4pr.com 

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SOURCE R.J. Brunelli & Co.