Edgewater Towne Center, a mixed-use retail and residential development on the Hudson River waterfront, sold for $53.2 million. The property features 76,525 square feet of prime retail and 64 apartments. Currently, the retail space is 98% leased, and the rental residential units are 94% occupied. Roughly 75% of the units are ready for renovation, presenting a strong value-add opportunity for the buyer.
The JLL Capital Market’s Investment Sales and Advisory team led by Senior Managing Directors Jose Cruz and Kevin O’Hearn and Senior Director J.B. Bruno worked on behalf of the seller, SITE Centers Corp. The group also procured the local private buyer for the Bergen County property.
“Edgewater Towne Center represented an extremely rare opportunity to acquire irreplaceable real estate on the Edgewater waterfront,” noted JLL’s Cruz. “The combination of Whole Foods anchorship, strong demographic fundamentals and significant upside potential through the residential renovation program made this an attractive asset for investors seeking both stability and growth.”
Built in 2000, Edgewater Towne Center covers nearly 14 acres and is anchored by Whole Foods Market as well as a strong tenant mix including One Medical, Club Pilates, Pure Barre and Bond Vet. The shopping center also features several other restaurants and retail destinations. Location is key for the property, offering a prime retail location for residents and the surrounding Edgewater community.
Many Edgewater Towne Landing residents enjoy Manhattan views and all have easy access to NYC via the George Washington Bridge and the nearby Edgewater Ferry Landing. The Hudson Riverwalk is steps away and the neighborhood offers many other retail, dining, and entertainment options.
