Los Angeles-based Black Lion Investment Group ended last year by expanding into New Jersey.
The firm, run by Robert Rivani, bought 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 is planning to renovate the entire property.
A group of 36 tenants that co-owned 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 complex. AT&T is expected to open a store in 2022.
The property is located off U.S. Route 46 and I-80 in Mount Olive — a township with a population of around 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 deal in New Jersey took its total spending for the past year to more than $250 million.
A representative for Black Lion said the firm was looking to continue to make acquisitions in New Jersey even as it focuses primarily on properties in South Florida.
In December, the firm bought ground-floor retail condos spanning 19,100 square feet in Miami Beach’s South of Fifth neighborhood for $19 million — its fourth Miami-Dade retail site in a six-month span. From June through the end of the year, the firm spent a total of $57.9 million on properties in Miami and Miami Beach.