Shopping
Point View Shopping Center in Wayne sold, former Corrado’s Market leased. What we know
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WAYNE — Atlantic Health System has signed a lease to take over most of the former Corrado’s Market on Berdan Avenue, an agent for the property owner said Monday.
Shane Wierks of Jeffery Realty said the nonprofit medical group will assume 25,000 square feet of the 35,000-square-foot anchor space, which has been vacant since the grocery store closed last summer.
The remaining 10,000 square feet will be divided into a new storefront, Wierks said.
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The 7-acre property — called Point View Shopping Center after the neighboring reservoir — includes a fitness center, a jewelry boutique and a pizzeria, among several restaurants.
Prior to Corrado’s Market, the anchor space belonged to a Kings supermarket.
A spokesperson for Atlantic Health, which operates Chilton Medical Center, Morristown Medical Center and five other hospitals, confirmed the lease agreement, but he said he could not share further details about a plan for the waterfront strip mall.
The health care network runs more than 400 sites across two-thirds of New Jersey.
Story continues below map.
The shopping center was acquired in January for $12.75 million by a limited liability company from Morris County, tax records show. The entity is tied to Milelli Real Estate Partners, the same investors who are helping to redevelop the former Lanidex Plaza office park with hundreds of luxury housing units at the junction of interstates 80 and 287 in Parsippany-Troy Hills.
Leasing opened for that residential complex, known as 500 PARQ, less than two weeks ago.
The Wayne shopping center was acquired by the Milelli firm after an entity owned by the Corrado family defaulted on its mortgage, and the property was foreclosed on by Kearny Bank of Fairfield.
Philip DeVencentis is a local reporter for NorthJersey.com. For unlimited access to the most important news from your local community, please subscribe or activate your digital account today.
Email: devencentis@northjersey.com
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