The Shops at 40 Park, a 49,974-square-foot boutique, high-street retail asset with value-add upside located in Morristown’s historic town center, were sold to Winfield Properties, JLL reported.
JLL represented the seller, a joint venture of a Global Real Estate Investment Advisor, Veris Residential and Woodmont Properties. (JLL also procured the buyer.) The price was not disclosed.
Strategically positioned at 40 W Park Place, The Shops at 40 Park benefits from its prime location fronting the historic Morristown Green. The property is situated in the heart of Morristown’s central business district, surrounded by 2.6 million square feet of office space and within walking distance of the Morristown train station, providing direct access to New York City.
Constructed in 2010, The Shops at 40 Park is a thriving retail destination on a 0.77-acre site. The property is 100% leased at the street level, featuring a diverse tenant mix including Starbucks, Roots Steakhouse, Agricola, Qdoba and AT&T. The center attracts approximately one million annual visitors.
Officials with Winfield indicated they plan to reposition the approximately 15,000 SF lower-level vacancy.
“Despite the space not being at street level, it offers potential tenants an opportunity to have direct presence on the Morristown Green at compelling rates,” Winfield VP Nazario Paragano said. “We are excited to re-introduce this opportunity into the market.”
This acquisition comes as Winfield recently completed the development of the Schuyler Lofts apartments, also located in downtown Morristown and just a short walk to The Shops at 40 Park.
Winfield Properties Founder and Managing Partner Anthony DiTommaso said the purchase makes sense for the company’s portfolio.
“Morristown remains a core focus of our investment strategy, and the Shops at 40 Park is complementary to our growing portfolio of mixed-use properties,” he said.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by senior managing directors Jose Cruz and Kevin O’Hearn and director J.B. Bruno.
Cruz and O’Hearn said the uniqueness of the property was a key in the transaction.
“The Shops at 40 Park represents a rare opportunity to acquire a high-street retail asset in one of Northern New Jersey’s most desirable urban submarkets,” Cruz said.
O’Hearn saw the potential for today and tomorrow.
“The property’s prime location on the Green, and strong tenant mix make it an attractive long-term investment,” he said.
