(ICSC RECON is coming up and GlobeSt.com has a month of special coverage in the works. Don't miss a bit of it. Click here for more information. Also, mark your calendars for New Jersey Opportunities, part of the RealShareBreakfast Series, June 5 .)
ENGLEWOOD CLIFFS, NJ-Newmark Grubb Knight Frank has been hired to market two retail properties that are sandwiched between Woodbridge Center Mall and Menlo Park Mall on Route 1 in Woodbridge, and also a seven-acre site fronting on Route 46 in Parsippany.
The sites owned by Loman Properties are on the market for the first time in more than a decade. The Grubb & Ellis team of Jerry Putterman, a senior vice-president, and Dean Tselepis, associate vice-president are handling the assignment.
The sites at 820 and 815 Route 1 in Woodbridge and at 3419 Route 46, Parsippany, are available for either sale or lease.
“These properties are among the best retail sites in New Jersey,” says Tselepis. The Woodbridge pieces are the only center-island real estate along the Route 1 corridor, he added The Parsippany parcel has 550 feet of highway frontage.
820 Route 1 is .66 acres with lighted intersections on each side of the property and access from both Route 1 North and South. The .25-acre pad site at 815 Route 1 is situated at a highly trafficked intersection, adjacent to Staples.
In Parsippany, the property on Route 46 is situated less than a mile from I-80 and just over a mile from I-287, offering access from all directions.
Procida Funding and Advisors recently provided working capital for repositioning of the properties through its 100 Mile Fund.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
