JLL Capital Markets arranged the sale of River Road Shopping Center, a value-add neighborhood center with leasing upside and redevelopment potential in Fair Lawn, to TFE Properties.
JLL represented the seller, Bon-Marc Realty Co., as advised by Real Estate Asset Management Partners, and also procured the buyer.
A vintage-built property from 1962, River Road Shopping Center offers a total of 92,523 square feet of retail space spread across three buildings on a 6.45-acre site. It is home to tenants including Sherwin Williams, a ShopRite (vacating at the end of this year) and a separate standalone Walgreens built in 1999 and under a long-term lease. Currently 89% leased, the center presents opportunities for increased leasing and market-to-market potential.
River Road Shopping Center benefits from favorable zoning that aligns with the current robust demand for various uses.
Located at 17-17 to 17-77 River Road, the center benefits from quick access to major routes like Routes 208, 4 and 17 as well as Interstate 80, offering unmatched regional connectivity. The shops are located in proximity to local professional offices, educational institutions, residential areas and several multihousing communities, which provide a captive customer base.
JLL Capital Markets’ Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn and Directors J.B. Bruno and Ryan Robertson.
“The market remains red hot for value-add retail opportunities. Combined with this strong infill location in land constrained Bergen County, investor interest was very strong for this property,” O’Hearn said.
