A large parcel situated near several major highways has changed hands as an Acme supermarket was sold to a New York City-based real estate firm.
JLL Capital Markets recently announced that it closed the $16.1 million sale of a 62,504-square-foot single-tenant Acme Market in Saddle Brook. The supermarket has occupied the property since its original completion in 1998, and its current lease term runs for approximately ten years.
JLL represented the seller, Vision Real Estate Partners, in the transaction. The Winter Organization, who are headquartered in New York City, acquired the asset.
In addition to the existing supermarket, the property is situated on an approximately 6.9-acre parcel with as-of-right zoning for both industrial and general business uses. The parcel, at 75 Mayhill Street, provides an opportunity for potential redevelopment at a property located less than five-minutes from both Interstate-80 Route 46, and the Garden State Parkway.
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.
A population of 261,415 lives within a three-mile radius of the Acme market, and those households have an average annual income of roughly $111,284. No potential redevelopment plans for the land have emerged just yet.
