SPARTA, NJ-Cushman & Wakefield’s Metropolitan Area Capital Markets Group has been selected to market a 3.76-acre redevelopment and repositioning of a Stop & Shop site at 60 Sparta Avenue here.
The 33,690-square foot Stop & Shop will be leaving the site in the fall for a new 69,000-square foot store less than one mile away. It is rare for a large tract to become available in the area, C&W says, which is calling for offers by May 5.
“This site is a gateway coming into town off of Route 15, at a primary commuter intercept,” says C&W’s Brian Whitmer, who is handling the assignment with Metropolitan Area Capital Markets Group team members Andrew Merin, Harlan Hollander and Marc Graham. “It presents a compelling opportunity to either reposition the existing box or build something new.”
The site is zoned Town Center Commercial, which allows for general retail uses with the potential for second-floor residential. A retail building in the Sparta-area sold for $447 per square foot last year, and another commercial 0.8-acre lot is currently for sale at $249,900 according to LoopNet.
Potential buyers include real estate developers, investors, and users such as pharmacies, daycares and health clubs, C&W says. “We are not targeting our marketing efforts to any one specific use, and we invite participation from anyone interested in the site,” Merin says. “Ultimately, the buyer with the best and highest use will translate into the buyer with the most appealing offer, making this a win-win for the town and Stop & Shop.”
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