JLL Capital Markets on Tuesday said it closed the sale of a ShopRite-anchored retail center in close proximity to New York City.
Riverfront Plaza, a 129,000-square-foot shopping center anchored by ShopRite in Hackensack was acquired by the Sterling Organization. The plaza is 96% leased and boasts an impressive and loyal tenant lineup, including Sherwin-Williams, Leslie’s Pool Supplies and HILTI.
JLL marketed the property on behalf of the sellers, a joint venture between Regency Centers Corp. and a separate account client advised by LaSalle Investment Management.
Situated on 13.8 acres at 500 South River Road, Riverfront Plaza is positioned along the Hackensack River and at a signalized intersection less than one mile from major regional highways, including Interstate 80 and Route 46, and within a strong retail corridor. Hackensack is one of the most densely populated cities in the state, and there are more than 605,000 residents earning an average annual household income of nearly $110,000 living within a five mile-radius.
The JLL Capital Markets team representing the seller was led by Jose Cruz, Kevin O’Hearn, Steve Simonelli, Michael Oliver and Grace Braverman.
“Grocery-anchored retail within infill locations continues to be in high demand with both private and institutional investors,” Cruz said.
