Real Estate Weekly
Image default
Deals & Dealmakers

NAI James E. Hanson Tapped to Sell 133,032-Square-Foot Retail Power Center in Riverdale, N.J.

 NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has been named the exclusive brokerage for 110 Route 23 in Riverdale, N.J. NAI James E. Hanson’s Jonathan Kristofich and John Schilp will oversee the marketing of the property.

Located near the intersection of Route 23 and Interstate 287 in northeastern Morris County, 110 Route 23 is a 14.51-acre, 133,032-square-foot component of Riverdale Plaza, a large retail power center. 110 Route 23 has been triple-net leased to BJ’s Wholesale Club, a leading warehouse club operator consistently offering 25% or more savings on groceries, general merchandise and ancillary items, and double-net leased to Staples, an office supply retail company and industry leader in workspace products like furniture, technology, cleaning products and traditional office supplies, since its construction in 1998. The active power center is shadow-anchored by Home Depot and Target.

The strategically located property casts a very wide trade with ideal accessibility to Morris, Passaic and Bergen counties via nearby Interstate 287. In addition, it has become a preferred shopping destination for residents in nearby Bergen County who are impacted by Bergen County Blue Laws that prohibit the sale of certain retail items on Sundays including electronics, clothing and furniture.

“110 Route 23’s combination of accessibility, visibility and in-place leases with two national tenants make it an ideal retail property in the current market,” said Kristofich. “We’re honored to represent the seller in the assignment, and we look forward to procuring a purchaser for this fantastic piece of real estate.”

To stay connected with NAI James E. Hanson and for updates on the latest transactions and news, please follow NAI Hanson on FacebookTwitter and LinkedIn.

Related posts

Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando


Local Development Corp. Votes Final Approval of $195 Million Bond Financing for Construction of New 162,626 SF Patient Care Tower at Westchester Medical Center


Curtis + Ginsberg Architects To Relocate HQ To Rudin’s One Battery Park Plaza