184 Essex St, Lodi, NJ, 07644-2707, US

Essex Square

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker, has been retained on an exclusive basis to arrange the sale of Essex Square (the “Property” or “Site”), a 94% leased, 16,096 square foot retail center located on a highly trafficked highway intersection in Lodi, New Jersey, a dense submarket nine miles from New York City. Notable tenants in the highly desirable Route 17 Retail corridor include Walgreens, Walmart, Whole Foods, Home Depot, Target, and a variety of high performing inline retailers. The Property’s excellent visibility and exceptional location has enabled it to attract quality, credit and national tenants, representing an opportunity to acquire an established retail center in one of the most attractive submarkets in New Jersey. Located on the south side of Essex Street and the east side of a Route 17 exit ramp within a mixed commercial, retail and residential area of Bergen County, the Property features unrivaled access to the thriving population centers in Northern New Jersey. With convenient access to Routes 17 and 4 and Interstate 80, the Property benefits from a constant flow of consumers due to the ease of access and high residential concentration within the immediate vicinity.

The Property is situated on 1.37 acres of land with nationally recognized tenancy within a Qualified Opportunity Zone. Essex Square is located in the heart of the Route 17 Retail Corridor, boasting a 1.8% vacancy rate for the specific submarket of Northern New Jersey. The Property benefits from direct access throughout the New York Metropolitan Area, allowing access to 20 million consumers within a 20-mile radius. The thriving retail submarket is well-connected to the regional transportation network, driving rent growth and strong tenant demand. Bergen County has also established itself as a regional shopping destination, with Routes 17 and 4 being the most heavily retailed corridors in the county. Route 17 has over 104,000 vehicles per day which have direct views of the Property and Capital One’s signage can be seen from the heavily traveled Interstate 80. Coupled with the 25,000 vehicles per day on Essex Street, the Property is able to display ample advertising for its tenants. The corridors intersect just 2.5 miles north of Essex Square and contains some of the most prominent retail properties and malls, including the Garden State Plaza, the Riverside Square Mall, Bergen Town Center, The Fashion Center, and Paramus Park Mall.

High-quality asset within the supremely located Route 17 Retail Corridor poised to benefit from nearby affluence, connectivity to regional transportation routes, and lack of developable land within the dense trade area.

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Attributes

Building area net

1,498 sm

Occupancy

100%

Year built

2007

Land area net

0.53 ha

Media

Investment highlights

Highly Functional Location and Visibility

The Property experiences strong traffic counts of over 100,000 cars per day along the intersection of Route 17 and Essex Street, less than one-mile from Interstate 80. Route 17 has six traffic lanes, and Essex Street is a four-lane roadway at the Property’s entrance.
Route 17 is a major retail thoroughfare in Bergen County and is home to various big box stores and super regional shopping malls, thus attracting shoppers from all over the region.
The Property structure is located 60 feet from Essex Street, and offers direct, unhindered visibility to tenant spaces. Coupled with over 25,000 vehicles per day on Essex Street, the Property is able to display ample advertising for its tenants.
The Property has superior access and visibility with an entrance along Essex Street; from Interstate 80, motorists can take Exit 64A from the westbound lanes which provides access to Route 17 North or Exit 63 from the eastbound lanes which provides access to Essex Street.

Strong Multifamily Market Paired with Redevelopment Opportunity

The Hackensack University Medical Center, located less than 1 mile from Essex Square via Essex Street, employs approximately 8,000 healthcare professionals and is ranked #1 in New Jersey by U.S. News & World Report.
Developer optimism remains strong, especially in towns such as Hackensack, where a total of 1,674 apartment units spread between six buildings remain under construction. Asking rents for Class A & B buildings in the Hackensack-Teaneck submarket have continued to rise despite this expansive inventory growth, with the current asking rent eclipsing $2.30/SF.
The adjoining retail aggregation, which once included National Wholesale Liquidators, is undergoing redevelopment into a warehouse and distribution facility use for a membership club supplying small grocery stores, delicatessens, and convenience stores yielding more than 100 new jobs.

Robust Retail Market Along Heavily Traveled Thoroughfare

Bergen County has established itself as a regional shopping destination, with Route 17 and Route 4 being the most heavily retailed corridors in the county which intersect just 2.5 miles north of Essex Square.
The Route 17 Retail Corridor, with regards to Class A and B assets, boasts a 1.8% vacancy rate across 20 properties and 695,000 square feet of inventory.
Bergen County Class A and B retail assets, exclusive of the American Dream Mall, account for 2.8MSF of inventory with average market rents of $32.97/SF, which is approximately 6% above the 10-year average.
The retail submarket in Bergen County contains some of the most prominent retail properties and malls including the Garden State Plaza, the Riverside Square Mall, Bergen Town Center, Paramus Park Mall, and American Dream.

Affluent Infill Demographics

Bergen County is the most populous county in New Jersey with an estimated 2021 population of 932,717, reflecting a density of 3,781 persons per square mile.
Within a 10-mile radius of the Property there is approximately 3.4 million people with an average home value of $679,232.
With an average household income of $148,383, the Property’s functionality is poised to capitalize on the affluence within Bergen County and the deep labor pool within the market.