MONTCLAIR, NJ-To paraphrase Mark Twain, any reports of the demise of the retail real estate retail sector in New Jersey would be greatly exaggerated. Yes, the e-commerce sector is coming on strong as Amazon shops for distribution sites all over the state.
But the market for brick-and-mortar retail space remains robust in well-located downtowns and Town Center developments, as several of Kislak Company's recent transactions illustrate.
“The market for retail and mixed-use properties in desirable locations is very strong, especially in northern New Jersey” says the Kislak's Robert Squires. He reported these three recent transactions:
- An 8,000-square-foot retail center on Route 17 in Hasbrouck Heights sold for $1,815,000.
- A 14,000-square-foot retail and office property on Church Street in Montclair sold for $2,225,000.
- A mixed-use property with six retail spaces and five residential units on Grove Street in Montclair sold for $1,285,000.
“Each of these properties represented an opportunity for investors to acquire a strong and stable property in a very sought-after area,” says Squires, who represented both parties in the Montclair sales and the seller in the Hasbrouck Heights sale. Abdy Realty Group represented the purchaser in that sale.
“The Route 17 retail corridor in Bergen County is among the busiest in the state and Montclair has an extremely vibrant downtown,” added Squires.
The Hasbrouck Heights property is a fully-leased retail center with on-site parking on a half-acre lot with over 100 feet of frontage on Route 17. More than 70,000 cars per day pass the property. The tenants include national retailers such as Sprint and Subway and local retailers.
“Kislak has closed several other transactions with the seller,” added Squires. “After listing the Hasbrouck Heights property, we quickly procured a purchaser.” At the time of closing, the property was fully occupied.
The Church Street property in Montclair is an art deco building built in 1937 that includes six retail spaces and stores and 19 offices, all of which are rented. It is suitated across from the Sienna luxury condominium development and a Starbucks. Neighboring tenants include Urban Outfitters, New York Sports Club and Verizon Wireless.
“Montclair is a desirable market for all types of commercial and residential properties,” said Squires. “We quickly procured a purchaser, a long-time private investor who was eager to add the property to his portfolio of commercial and multifamily properties.” The property is fully occupied.
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