A grocery-anchored shopping center in West Caldwell sold for $47 million, according to a Tuesday announcement from CBRE.
The 189,773-square-foot Essex Mall is a 97% leased center and anchored by Stop & Shop and Marshalls with excellent frontage and access from the heavily traveled Bloomfield Avenue. Additional tenants at the center include PNC Bank, Compassion First, a newly built-out 24/7 pet hospital, Twisterz and a diverse mix of restaurants and other service-oriented tenants.
The property has a history of long-term tenancy, including several of the inline tenants. Essex Mall is situated in an infill, high-demographic market highlighted by a population of 172,000 within 5 miles and average household incomes over $175,000.
The CBRE team of Jeffrey Dunne, David Gavin, Jeremy Neuer, Steve Bardsley and Travis Langer represented the owner, a joint venture between Stop & Shop and Goodrich Management, while also procuring the buyer, Milbrook Properties, which acquired the center as part of a 1031 exchange.
“The offering represented a unique opportunity to purchase a grocery-anchored center offering highly stable income and no near-term rollover in Northern New Jersey,” Dunne said.
“We continue to see strong demand for retail centers like Essex Mall, which provide long-term cash flow and a highly attractive rent roll,” Gavin added.
