JLL Capital Markets closed the sale of the 62,504-square-foot, single-tenant 75 Mayhill Street in Saddle Brook, New Jersey
News release
09 January 2024
Standalone New Jersey ACME Markets sells for $16.1M
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MORRISTOWN, Jan. 9, 2024 – JLL Capital Markets announced today that it has closed the $16.1 million sale of a 62,504-square-foot single-tenant ACME Markets in Saddle Brook, New Jersey.
JLL represented the seller, Vision Real Estate Partners, and The Winter Organization acquired the asset.
ACME Markets, a subsidiary of Albertsons Companies, has occupied the property since its original completion in 1998, and its current lease term runs for approximately ten 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 Street 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 Director Jose Cruz and Kevin O’Hearn, Director JB 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,” said Bruno.
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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.