Edgewater, N.J.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Marketplace at Edgewater, an 88,641-square-foot shopping center and an adjoining 10,030-square-foot pad site in Edgewater, N.J. The shopping center sold for $16,375,000 and the pad site brought $4,230,000. The total sales price for both sites equates to $232 per square foot.
Mark Taylor and Dean Zang, both first vice presidents investments, and Christopher Munley, a vice president investments, all in Marcus & Millichap’s Philadelphia office, represented the seller, a private investor. Greg Babaian, a vice president investments in the firm’s New Jersey office, represented the buyer, Capstone Realty Group.
“The sale of Marketplace at Edgewater is indicative of the surge in demand we are seeing for Northern New Jersey retail properties,” says Taylor.
“The buyer is a value-add purchaser that pursues opportunities in well-located markets such as the Marketplace at Edgewater,” says Babaian. “The new owner plans to modernize the asset and fill vacant space with high-quality tenants.”
“Investors throughout the Tri-State Area are keen on the area’s local retail properties due to the region’s economic stability, concentration of high-income households and proximity to Manhattan,” adds Munley.
“This was a complex transaction that included three leasehold interest leases, the State of New Jersey’s riparian rights and separate owners of the ground underlying the three parcels of land,” concludes Taylor.
Built in 1990 on approximately 6.4 acres, the center is situated along the Hudson River near the George Washington Bridge at 725 Tower Road in Edgewater, N.J.
Marketplace at Edgewater is anchored by Trader Joe’s, which leases the pad site. Other tenants include Animal General, Binghampton Bagel, Chase Bank, Fast Frames, H&R Block, Pet Valu, River Pet Resorts and Scerbo Physical Fitness.