JLL Capital Markets on Tuesday said it closed the $18 million sale of West Falls Plaza, a 90,945-square-foot neighborhood shopping center in Woodland Park.
JLL represented the seller and also procured the buyer, an affiliate of Northeast Capital Group.
Located at 1730 Route 46, West Falls Plaza is set in a dominant retail hub within the heart of the Passaic Route 46/23 submarket.
National and regional retailers in the submarket include Home Depot, Best Buy and Petco, while neighboring centers, such as Plaza 46 (anchored by Kohl’s) complement the property’s tenant mix and increase drawing power. The property is less than 10 miles from several major highways, including Interstate 80, the Garden State Parkway and Interstate 287.
The JLL team that represented the seller was led by Jose Cruz, J.B. Bruno, Kevin O’Hearn and Michael Zlotnick.
“The center’s location and future upside potential were the two drivers that investors focused on during the marketing. The capital markets, from both a debt and equity perspective, are reacting favorably to retail, as well,” Cruz said.