Essex Mall, a 189,773 square foot grocery-anchored shopping center in West Caldwell, New Jersey, was recently sold for $47 million.
Located along the busy Bloomfield Avenue, Essex Mall is 97% leased with several long-term tenants and is anchored by Stop & Shop and Marshalls. Other tenants include a variety of restaurants and service-oriented businesses, along with PNC Bank, Compassion First, Twisterz, and a 24/7 pet hospital.
The owner of the shopping center, a joint venture between Stop & Shop and Goodrich Management, was represented by the CBRE Group, Inc. team of Jeffrey Dunne, David Gavin, Jeremy Neuer, Steve Bardsley, and Travis Langer. CBRE were also responsible for procuring the buyer, Milbrook Properties, as part of the 1031 exchange.
CBRE’s Jeff Dunne said, “The offering represented a unique opportunity to purchase a grocery-anchored center offering highly stable income and no near-term rollover in Northern New Jersey.”
CBRE’s David Gavin added, “We continue to see strong demand for retail centers like Essex Mall, which provide long-term cash flow and a highly attractive rent roll.”
