RJ Brunelli & Co. has brokered the $41 million sale of The Gardens, a 210,845-square-foot shopping center in the Flanders section of Mount Olive Township, marking the second time in five years the Old Bridge-based retail real estate firm has arranged the trade of the Morris County property.
Bronstein Properties LLC acquired the 100% fee simple interest in the two-building retail center from Rivani, according to an announcement Thursday. Positioned at the intersection of Routes 46 and 80, the 46.7-acre power center—formerly known as ITC Crossing South—is shadow-anchored by Walmart and Lowe’s.
The buildings included in the transaction feature a roster of national retailers including HomeGoods, TJ Maxx, Ross, Michaels, PetSmart, Boot Barn, Skechers, Five Below, and Fitness Factory. The broader complex also contains seven separately owned restaurant and bank pad sites housing Applebee’s, Chipotle, LongHorn Steakhouse, McDonald’s, Panda Express, Wells Fargo, and Wendy’s.
The deal caps a two-part exit strategy for Rivani, formerly known as Black Lion Investment Group. In December 2025, Rivani sold the property’s Lowe’s parcel and the seven outparcel pads—totaling 168,000 square feet—to Agree Realty for $27.9 million, bringing the combined proceeds from its disposition of the asset to $68.9 million.
Rivani originally purchased the broader 373,612-square-foot ITC Crossing South complex for $49.8 million in December 2021 from a 36-member ownership group, in a transaction also brokered by RJ Brunelli. Following that acquisition, Rivani undertook facade renovations and site upgrades while retaining RJ Brunelli as exclusive leasing agent to overhaul the tenant lineup and rebrand the property as The Gardens.
“The RJ Brunelli team has been instrumental in the success and transformation of The Gardens,” Rivani President Robert Rivani said. “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.”
RJ Brunelli’s involvement with the shopping center dates back to 2019, when the prior ownership group brought the firm on as exclusive leasing agent. At the time, overall vacancy stood at 24%, before the bankruptcy-driven closures of Bed Bath & Beyond, Babies “R” Us, and Pier 1 pushed vacancy in the two inline buildings to 41%.
“ITC Crossing was quite distressed and tired looking, but it was still a great location with strong anchors,” RJ Brunelli President and Principal Danielle Brunelli, said. During the COVID-19 pandemic, Brunelli recruited Five Below, AT&T, and Rita’s Italian Ice, expanded a local salon, and fielded relocation interest from HomeGoods just as the prior ownership group’s asset manager, National Asset Service, prepared to take the property to market ahead of a potential foreclosure.
RJ Brunelli Investment Sales Specialist and Principal Mario Brunelli subsequently led a competitive bidding process in 2021 that resulted in Rivani’s acquisition.
RJ Brunelli continues to serve as exclusive leasing agent for the center’s remaining spaces. According to Danielle Brunelli, a lease is currently out for signature on a 2,400-square-foot unit, leaving two endcap vacancies available: a 6,000-square-foot former Famous Footwear adjacent to PetSmart and a 4,738-square-foot space near Skechers.
Citing data from analytics firm Placer.ai, Brunelli noted that The Gardens recorded 5 million customer visits over the past 12 months, with foot traffic rising annually following the property’s physical upgrades and new tenancy. The center draws from a 10-mile trade area encompassing 252,000 residents with an average household income of $169,721, supported by daily traffic counts of 85,000 vehicles on Route 80, 35,000 on Route 46, and 24,000 on nearby Route 206.
