On Jun 7, 2022
CBRE has declared the $47 million sale of Essex Mall, a 189,773-sq.-foot grocery-anchored browsing middle in West Caldwell. The CBRE represented the operator, a joint undertaking in between Stop & Shop and Goodrich Management, when also procuring the purchaser, Milbrook Houses, which obtained the centre as aspect of a 1031 exchange.
Essex Mall is a 97% leased center anchored by Stop & Store and Marshalls with superb frontage and accessibility from Bloomfield Avenue (28,491± autos/working day). Supplemental tenants at the heart consist of PNC Financial institution, Compassion Initial, a recently designed-out 24/7 pet clinic, Twisterz, and a various combine of eating places and other assistance-oriented tenants. The residence has a history of long-time period tenancy, which includes Prevent & Store, Marshalls and quite a few of the inline tenants. Essex Mall is located in an infill, large demographic sector highlighted by a populace of 172,000 within 5 miles and common family incomes above $175,000.
CBRE’s Jeff Dunne stated, “The supplying represented a one of a kind option to order a grocery-anchored middle providing highly steady profits and no around-expression rollover in Northern New Jersey.”
CBRE’s David Gavin added, “We continue on to see robust demand for retail facilities like Essex Shopping mall, which give extended-expression cash flow and a remarkably attractive lease roll.”
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