JLL Capital Markets has announced that they have closed the sale of West Falls Plaza in Woodland Park, New Jersey, which is a 90 945 square foot neighborhood shopping center.
JLL represented both the seller and the buyer, a Northeast Capital Group affiliate.
West Falls Plaza, located at 1730 Route 46 in the Passaic Route 46/23 Submarket, is a dominant retailer. Home Depot, Best Buy, and Petco are among the national and regional retailers that operate in this submarket. Nearby centers like Plaza 46, which is anchored by Kohl’s, complement and enhance the tenant mix of the property. The property is located less than 10 miles from major highways such as I-80 and the Garden State Parkway. A population of 125,000 people and an average household with income over $125,000 are within three miles.
Jose Cruz, J.B. Bruno and Kevin O’Hearn led the JLL team representing the seller.
Investors focused their attention on the center’s location as well as its future upside potential during marketing. Cruz stated that the capital markets are also reacting positively to retail from a debt as well as equity perspective.
JLL Capital Markets provides a range of global capital solutions to real estate investors, occupiers and developers. Firm’s local market expertise and global investor network provide clients with the best in class solutions, whether it is investment and sales advice, debt advisory, or equity advisory. More than 3,000 Capital Markets experts work for the firm in offices located in more than 50 countries.