A 13,361-square-foot CVS property at 65 River Road in Edgewater recently sold for $9 million. The Hudson River-adjacent site is situated along one of Hudson County’s busiest commercial thoroughfares. While the CVS is currently operating under a triple-net ground lease through 2035, the location is prime for future development.
Marcus & Millichap, Inc., represented the seller in the Edgewater transaction. M&M’s Steven Siegel, Executive Managing Director, Investments, took the lead on marketing the property. An outside brokerage firm secured the buyer. In addition, Jim McGuckin is the broker of record in New Jersey for Marcus & Millichap.
“This triple-net-leased investment created a tremendous amount of interest from single-tenant buyers, as well as developers and owners looking to land bank a strong future development site,” noted M&M’s Siegel.
The property is surrounded by many waterfront residential developments and abundant retail, including Home Goods, which serves as a “shadow anchor.” Other nearby businesses include Five Guys, Dunkin’, and several local restaurants and service providers. 65 River Road offers easy access to the George Washington Bridge, NJ Transit buses, and the NYWW Edgewater Ferry landing.
