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MORRISTOWN, NJ – JLL Capital Markets has arranged the sale of River Road
Shopping Center, a value-add neighborhood center with leasing upside
and redevelopment potential in Fair Lawn, New Jersey. The price was not disclosed.
JLL
represented the seller, Bon-Marc Realty Co., as advised by Real Estate Asset Management
Partners, and also procured the buyer, TFE Properties.
 | | Jose Cruz |
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn and Directors J.B. Bruno and Ryan Robertson. According to O’Hearn, “The market remains red hot for value-add retail opportunities. Combined with this strong infill location in land constrained Bergen County, investor interest was very strong for this property.”
 | | Kevin O’Hearn |
River Road Shopping Center, a vintage-built property from 1962, offers a total of 92,523 square feet of prime retail space spread across three buildings on a 6.45-acre site. It is home to tenants including Sherwin Williams, and a ShopRite (vacating at the end of this year). and a separate standalone Walgreens built in 1999 and under a long-term lease.
 | | J.B. Bruno |
Currently 89% leased, the center presents opportunities for increased leasing and mark-to-market potential. Moreover, River Road Shopping Center benefits from favorable zoning that aligns with the current robust demand for various uses.  | | Ryan Robertson. |
Located at 17-17 to 17-77 River Road within the densely populated town of Fair Lawn, River Road Shopping Center benefits from quick access to major routes like Route 208, Route 4, Route 17 and I-80, offering unmatched regional connectivity.
The shops are located in proximity to local professional offices, educational institutions, residential areas and several multi-housing communities, which provide a captive customer base. |
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River
Road Shopping Center, a vintage-built property from 1962, offers a total of
92,523 square feet of prime retail space spread across three buildings on a
6.45-acre site. It is home to tenants including Sherwin Williams, and a
ShopRite (vacating at the end of this year). and a separate
standalone Walgreens built in 1999 and under a long-term lease.
Currently 89% leased, the center presents opportunities for
increased leasing and mark-to-market potential. Moreover, River Road
Shopping Center benefits from favorable zoning that aligns with the current
robust demand for various uses.
Located at 17-17 to 17-77 River Road within the densely populated
town of Fair Lawn, River Road Shopping Center benefits from quick access to
major routes like Route 208, Route 4, Route 17 and I-80, offering unmatched
regional connectivity.
The shops are located in proximity to local professional
offices, educational institutions, residential areas and several
multi-housing communities, which provide a captive customer base.
JLL Capital Market’s Investment and Sales Advisory team representing
the seller was led by Senior Managing Directors Jose Cruz and Kevin
O’Hearn and Directors J.B. Bruno and Ryan Robertson.
According to O’Hearn, “The market remains red hot for value-add
retail opportunities. Combined with this strong infill location in
land constrained Bergen County, investor interest was very strong for this
property.”
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.
For more news, videos and research resources, please visit JLL’s newsroom.
Senior Associate,
Public Relations
JLL Capital Markets
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