NAI James E. Hanson has been named the exclusive brokerage for 110 Route 23 in Riverdale, a 14.51-acre, 133,032-square-foot component of Riverdale Plaza, a large retail power center.
Hanson’s Jonathan Kristofich and John Schilp will oversee the marketing of the property.
Located near the intersection of Route 23 and Interstate 287 in northeastern Morris County, 110 Route 23 has been triple-net leased to BJ’s Wholesale Club, and double-net leased to Staples, an office supply retail company and industry leader in workspace products like furniture, technology, cleaning products and traditional office supplies, since its construction in 1998. The power center is shadow anchored by Home Depot and Target.
The strategically located property casts a very wide trade with ideal accessibility to Morris, Passaic and Bergen counties via nearby Interstate 287. In addition, it has become a preferred shopping destination for residents in nearby Bergen County who are impacted by Bergen County blue laws that prohibit the sale of certain retail items on Sundays, including electronics, clothing and furniture.
“110 Route 23’s combination of accessibility, visibility and in-place leases with two national tenants make it an ideal retail property in the current market,” Kristofich said. “We’re honored to represent the seller in the assignment, and we look forward to procuring a purchaser for this fantastic piece of real estate.”