JLL represented the seller, Vision Real Estate Partners, and the Winter Organization acquired the asset.
ACME Markets, a subsidiary of Albertsons Cos., has occupied the property at 75 Mayhill St. since its original completion in 1998, and its current lease term runs for approximately 10 years. In addition to its marquee grocer and ample lease term, the property is situated on an approximately 6.9-acre parcel with as-of-right zoning for both industrial and general business uses, providing an opportunity for potential redevelopment.
75 Mayhill St. is located less than five minutes from both Interstate 80 and the Garden State Parkway, two of northern New Jersey’s critical transit routes, and is within proximity of Route 46, a major east/west thoroughfare. The property is also within walking distance of Market Street, Saddle Brook’s “main street” that is home to a host of shopping, dining and retail amenities. Additionally, within three miles of the grocer is a population of 261,415 and an average annual household income of roughly $111,284.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn, Director J.B. Bruno and associate Austin Pierce.
“75 Mayhill generated exceptional investor interest and multiple offers, given its grocery profile, significant remaining lease term, flexible zoning and strong location in the heart of Saddle Brook,” Bruno said.