Los Angeles-based investment firm Black Lion buys New Jersey mall for $50 million

Robert Rivani and ITC Crossing South (LinkedIn)

Los Angeles-based Black Lion Investment Group ended last year by expanding into New Jersey.

The company, led by Robert Rivani, has purchased a 373,600 square foot shopping center, dubbed ITC Crossing South, in Morris County for $49.75 million, according to an announcement this week.

Black Lion plans to renovate the entire property.

A group of 36 tenants co-owners of the building sold the property. Lowe’s, TJ Maxx, Michael’s, Bed Bath & Beyond, PetSmart, Old Navy, and Walmart all occupy space at the 47-acre resort. AT&T is expected to open a store in 2022.

The property is located near U.S. Route 46 and I-80 in Mount Olive, a township with a population of approximately 29,000 in 2018.

Last year was a busy one for Black Lion, which spent aggressively on residential and restaurant properties in South Florida and Arizona. The New Jersey deal brought its total spending for the past year to more than $250 million.

A Black Lion representative said the company is looking to continue making acquisitions in New Jersey, even though it’s primarily focused on properties in South Florida.

In December, the company purchased ground-floor condos spanning 19,100 square feet in Miami Beach’s South of Fifth neighborhood for $19 million — its fourth retail location in Miami-Dade in six months. From June to the end of the year, the company spent a total of $57.9 million on properties in Miami and Miami Beach.

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