JLL Capital Markets brokers sale of ShopRite-anchored retail center in Hackensack, NJ

Grace Braverman

 

 MORRISTOWN, NJ – JLL Capital Markets has closed the sale of Riverfront Plaza, a 129,000-square-foot shopping center anchored by ShopRite in the densely populated Northern New Jersey community of Hackensack. The price was not disclosed.

Riverfront Plaza, a 129,000-SF shopping center
anchored by ShopRite in the densely
populated Northern New Jersey
 community of Hackensack

JLL marketed the property on behalf of the sellers, a joint venture between Regency Centers Corporation (Nasdaq: REG) and a separate account client advised by LaSalle Investment Management. Sterling Organization acquired the property.

Jose Cruz

The JLL Capital Markets team representing the seller was led by Jose Cruz, Kevin O'Hearn, Steve Simonelli, Michael Oliver and Grace Braverman.

 “Grocery anchored retail within infill locations continues to be in high demand with both private and institutional investors,” Cruz said.

Riverfront Plaza is anchored by ShopRite, the dominate grocery chain and top performer in the state.

At 96 percent leased, the center boasts an impressive and loyal tenant lineup, including ShopRite, Sherwin-Williams, Leslie’s Pool Supplies and HILTI.

Kevin O'Hearn

Situated on 13.8 acres at 500 South River Rd., Riverfront Plaza is positioned along the Hackensack River and at a signalized intersection less than one mile from major regional highways, including Interstate 80 and Route 46, and within a strong retail corridor.

 Hackensack is one of the most densely populated cities in the state, and there are more than 605,000 residents earning an average annual household income of nearly $110,000 living within a five mile-radius.

  JLL Research’s recently released Grocery Tracker 2022 report tracked the fastest-growing grocers in the U.S., with ShopRite ranking within the top 10 fastest growing grocery store chains in 2021.

Steve Simonelli

The report also details grocery-anchored retail posted the second-highest level of activity recorded for property transactions, with trades toppling $13.3 billion.

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Michael Oliver

For more news, videos and research resources on JLL, please visit our newsroom.

 About LaSalle Investment Management

LaSalle Investment Management is one of the world's leading real estate investment managers. 

On a global basis, LaSalle Investment Management manages approximately $82 billion of assets in private equity, debt and public real estate investments as of Q1 2022.

 The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. 

LaSalle Investment Management’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. 

CONTACTS:

Kimberly Steele

 JLL Manager

 Public Relations

Phone: +1 713 852-3420

Email:  Kimberly.Steele@am.jll.com

 

 Jenna Sharp

JLL

M +1 214 394 3356

JLL.com

RegencyCenters.com.

www.lasalle.com and LinkedIn.

jll.com.

 www.lasalle.com and LinkedIn.