Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker is arranging the sale of Morris Marketplace (the “Property or “Center”), a 110,543 SF shadow grocery-anchored shopping center with ~1,900’ of frontage along East Hanover Ave in Morris Twp, Morris County, New Jersey. The Center, currently in lease-up, is 75% leased with an additional 15% in LOI negotiation, to bring occupancy to 90%. Current ownership expects to achieve stabilization during Q3 2023. Morris Marketplace is anchored by Burlington Stores (25,000 SF) and includes a diverse tenant mix including Wells Fargo, Mattress Warehouse, Hand and Stone Massage and Facial Spa, Orangetheory Fitness, Starbucks, and Taco Bell. In-place leases and LOIs have a 11 Year 6 Month WALT, excluding tenant renewal options. The asset is shadow anchored by the national grocer Lidl (29,114 SF), and is situated directly across the street from ShopRite of Greater Morristown.
Morris Twp is part of an affluent cluster of towns in Morris County. The Township’s 2022 median household income is $166,368 with a population of 23,340 residents. Retail Options surrounding Morris Marketplace on East Hanover Ave in Morris Twp include Shoprite, Lowe’s Home Improvement, Chase Bank, C2 Education, Sport Clips, and Pet Supplies Plus. Townes at the Collection at Morris Plains, a master plan for-sale townhome community (featuring 87 home sites starting at $734,990 per home) is directly behind Morris Marketplace, increasing the Center’s customer base. The Property is located on East Hanover Ave (18,176 AADT nearby the Property) between Ridgedale Ave and Speedwell Ave, two local retail corridors. Ridgedale Ave terminates to the North at NJ-10 (3 miles from the Property), a thriving retail corridor. Morris Marketplace offers regional access via I-287 (1.5 miles), NJ-24 (1.7 miles), and US-202(1.0 miles). Morris Twp is surrounded by Morristown, with a population of 20,136 residents and household income above the national average. Morristown is the primary live/work/play location in northwestern New Jersey with many multifamily, office and retail properties surrounding the Morristown Green, the town’s center point.
Morris Marketplace offers potential investors the opportunity to purchase a recently developed retail center with new leases to a diversified tenant base, in a prime Northern New Jersey Submarket.
Newly Developed Shopping Center with Shadow Grocery Anchor in Affluent Morris County Submarket