EDGEWATER, NJ-Capstone Realty Group has acquired the Edgewater Marketplace here for $20 million, with plans to upgrade and reposition it, company partners tell GlobeSt.com.
Capstone, a buyer of distressed debt and “opportunity” real estate, hired Ripco Real Estate of Lyndhurst to orchestrate leasing at the 80,000-square-foot center. Capstone will focus on making improvements that take advantage of the shopping center's Hudson Riverfront location.
There is currently only 16,000 square feet currently available at the shopping center, in units ranging from 1,000 square feet to 4,600 square feet, according to Capstone's Mitchell Adelstein and Rob Friedberg.
“We expect that vacant space to lease quickly to national and regional retailers,” Friedberg says. Previously, the shopping center has not had an outside leasing agent, he adds. The owner for the last decade was JLandmark Resources of Scotch Plains.
The center at 715 and 725 River Road is currently anchored by a Trader Joe's; other tenants include Harmon Drug, Verizon Wireless, Red Mango, JP Morgan Chase, a dry cleaner, nail salon and numerous others.
Edgewater is generally a vibrant retail market. “Every other retail center in the area is 100% leased,” Friedberg says. “With hands-on management, we are certain Edgewater Marketplace will quickly be as well.”
“We know there is strong demand for retail space with a one-of-a-kind riverfront location and Manhattan views,” adds Brad Gillman, also a managing partner of Capstone. Friedberg says Capstone will initially focus on updating seating and dining areas along the boardwalk behind the building.
“We will be aggressively seeking high-quality tenants for the retail space,” Friedberg says. For example, he says that the local population is devoted to golf and the Marketplace will look to add a golf pro shop. A lease is pending with a specialty fitness center and new fashion retailers, he says.
“We are very concerned about synergy,” he says, “setting the tenant mix so that each draws traffic for the others.”
The center was built in 1987 and is situated near the George Washington Bridge.
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