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Buyers revealed in $60.5M purchase of Morris Plains shopping center

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The two buyers have been revealed in a $60.5 million purchase of Briarcliff Commons , an outdoor shopping center in Morris Plains that serves thousands of area residents and features a Kohl's, Uncle Giuseppe's Italian grocer and Chick-fil-A. 

Paramus-based Agus Holdings and New York City-based PCCP — both commercial real estate firms — are jointly buying the property from mall owner Urban Edge Properties, according to a Thursday, Sept. 3 announcement by the Hackensack-based law firm Cole Schotz, which represented the joint venture. 

The nearly 180,000-square-foot Briarcliff Commons on Route 10 also features Chipotle, Chopt, CityMD, Crumbl Cookies and Home Towne Pet Shoppe. 

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One of the shopping center's previous anchor tenants, Harmon, closed in 2023 amid the bankruptcy of its parent company, Bed Bath & Beyond

"The partnership of PCCP and Agus Holdings looks forward to executing on its business plan of continuing to operate the center as a well-positioned shopping center within the Morris County market, and to continue to invest in the center to maintain its high physical standard and quality tenant base" PCCP Vice President PJ Finley said in an emailed statement.

A spokesperson for Agus Holdings declined to comment for this story.

Urban Edge Properties renovated the shopping center in 2019 and welcomed Uncle Giuseppe's in 2022

This story was updated to included an inaccuracy.

Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record. 

Email:  munozd@northjersey.com;  Twitter: @danielmunoz100, Facebook and  Instagram

This article originally appeared on NorthJersey.com: Buyers revealed in $60.5M purchase of Morris Plains shopping center

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