Bank of America - Staten Island, NY
3881 Richmond Ave, Staten Island, NY, 10312-3840, US
¥610,500,000 | 324 sm
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.
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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.
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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.
Highly Functional Location and Visibility
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Strong Multifamily Market Paired with Redevelopment Opportunity
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Robust Retail Market Along Heavily Traveled Thoroughfare
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Affluent Infill Demographics