With 92,523 square feet of prime retail space on 6.45 acres, River Road Shopping Center in Fair Lawn netted $14 million in a recent sale. The shopping center is located at 17-17 to 17-70 River Road and is ripe for transformation. The anchor site was home to a former ShopRite, which moved to another location in 2023.
The sellers were represented by both the Goldstein Group and JLL Capital Markets. The purchaser was BSPSS Mid-Atlantic, LLC, represented by Frank Truesdell and John Picco of Cushman & Wakefield.
17-77 River LLC and SSM River LLC were advised by the Goldstein team of Marc Palestina, Vice President, CJ Huter, Vice President, Lew Finkelstein, Executive Vice President, and Neil Goldstein, Principal.
“The purchaser has plans to reposition the former ShopRite space for a new use,” noted Goldstein’s Palestina. “While the property was initially introduced to the market for lease, a strategic sale opportunity materialized, prompting ownership to shift strategy and move forward with the sale.”
JLL’s Capital Markets Investment team of Senior Managing Directors Jose Cruz and Kevin O’Hearn, and Senior Director J.B. Bruno worked with TFE Properties, the parent company of 17-77 River LLC. JLL was also involved in the August 2024 sale of this property.
“We’re thrilled to have assisted TFE Properties with the successful completion of their value-add strategy in less than one year from acquiring the property.” commented JLL’s O’Hearn. “With the lack of retail development in the region, combined with the exceptionally strong user demand, opportunistic investors are poised to do very well in this market.”
Originally constructed in 1962, River Road Shopping Center received a major overhaul in the 1990s. With three buildings, the property consists of the vacant 54,500-square foot grocery site with covered parking, a freestanding Walgreens, and a 14,900-square-foot retail strip anchored by Sherwin Williams. The Fair Lawn retail center offers easy access to Interstate 80, Routes 4, 17 and 208, and is close to nearby office, schools and residential areas.
