$18M sale of neighborhood shopping center in New Jersey closes

MORRISTOWN, May. 16, 2023 -JLL Capital Markets announced today that it has closed the $18 million sale of West Falls Plaza, a 90,945-square-foot neighborhood shopping center in Woodland Park, New Jersey.

JLL represented the seller and also procured the buyer, an affiliate of Northeast Capital Group.

Located at 1730 Route 46, West Falls Plaza is set in a dominant retail hub within the heart of the Passaic Route 46/23 submarket. National and regional retailers in the submarket include Home Depot, Best Buy and Petco, while neighboring centers, such as Plaza 46 (anchored by Kohl's), complement the property's tenant mix and increase drawing power. The property is less than ten miles from several major highways, including I-80, the Garden State Parkway and I-287. Within three miles of the center is a population of 125,000 and an average household income of over $125,000.

The JLL team that represented the seller was led by Jose Cruz, J.B. Bruno, Kevin O'Hearn and Michael Zlotnick.

"The center's location and future upside potential were the two drivers that investors focused on during the marketing. The capital markets, from both a debt and equity perspective, are reacting favorably to retail, as well," stated Cruz.

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 and sales 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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