93,000SF shopping center with redevelopment potential in Bergen County, New Jersey sold

MORRISTOWN, N.J., Aug. 28, 2024 – JLL Capital Markets announced today that it has arranged the sale of River Road Shopping Center, a value-add neighborhood center with leasing upside and redevelopment potential in Fair Lawn, New Jersey.

JLL represented the seller, Bon-Marc Realty Co., as advised by Real Estate Asset Management Partners, and also procured the buyer, TFE Properties.

River Road Shopping Center, a vintage-built property from 1962, offers a total of 92,523 square feet of prime retail space spread across three buildings on a 6.45-acre site. It is home to tenants including Sherwin Williams, and 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 mark-to-market potential. Moreover, 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 within the densely populated town of Fair Lawn, River Road Shopping Center benefits from quick access to major routes like Route 208, Route 4, Route 17 and I-80, offering unmatched regional connectivity. The shops are located in proximity to local professional offices, educational institutions, residential areas and several multi-housing communities, which provide a captive customer base.

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 Directors J.B. Bruno and Ryan Robertson.

According to O’Hearn, “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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Real Estate Asset Management Partners, LLC is a full-service real estate management firm committed to creating value for its clients and tenants through a focus on pre-acquisition services, intensive asset management, and strict budgeting and cost controls. With a focus on professionalism and comprehensive support, Real Estate Asset Management Partners is dedicated to meeting the diverse needs of its clients.

Established in 1979, TFE Properties is a dynamic commercial and residential developer known for its strategic approach to projects and acquisitions. With a focus on both new developments and revitalizing existing properties through renovations and market repositioning, the company has built a diverse portfolio spanning various asset classes, including retail centers, single net tenants, hotels, office buildings, apartment complexes, self-storage facilities, warehouse/flex buildings, and land.