Northern New Jersey grocery-anchored retail center sells
JLL Capital Markets closed the sale of a ShopRite-anchored retail center in close proximity to New York City
MORRISTOWN, N.J., June 7, 2022 – JLL Capital Markets announced today that it has closed the sale of Riverfront Plaza, a 129,000-square-foot shopping center anchored by ShopRite in the densely populated Northern New Jersey community of Hackensack.
JLL marketed the property on behalf of the sellers, a joint venture between Regency Centers Corporation (Nasdaq: REG) and a separate account client advised by LaSalle Investment Management. Sterling Organization acquired the property.
Riverfront Plaza is anchored by ShopRite, the dominate grocery chain and top performer in the state. At 96 percent leased, the center boasts an impressive and loyal tenant lineup, including ShopRite, Sherwin-Williams, Leslie’s Pool Supplies and HILTI.
Situated on 13.8 acres at 500 South River Rd., Riverfront Plaza is positioned along the Hackensack River and at a signalized intersection less than one mile from major regional highways, including Interstate 80 and Route 46, and within a strong retail corridor. Hackensack is one of the most densely populated cities in the state, and there are more than 605,000 residents earning an average annual household income of nearly $110,000 living within a five mile-radius.
“Grocery anchored retail within infill locations continues to be in high demand with both private and institutional investors,” Cruz said.
JLL Research’s recently released Grocery Tracker 2022 report tracked the fastest-growing grocers in the U.S., with ShopRite ranking within the top 10 fastest growing grocery store chains in 2021. The report also details grocery-anchored retail posted the second-highest level of activity recorded for property transactions, with trades toppling $13.3 billion.
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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Regency Centers Corporation
Regency Centers is a preeminent national owner, operator and developer of shopping centers located in suburban trade areas with compelling demographics. Their portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers and best-in-class retailers that connect to their neighborhoods, communities and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed and an S&P 500 Index member. For more information, please visit RegencyCenters.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle Investment Management manages approximately $82 billion of assets in private equity, debt and public real estate investments as of Q1 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. LaSalle Investment Management’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.