The Shops at 40 Park at 40 West Park Place in Morristown — Courtesy: JLL
By Joshua Burd
A joint venture led by Veris Residential Inc. and Woodmont Properties has sold nearly 50,000 square feet of retail space in downtown Morristown, brokers with JLL announced Friday.
The buyer, Winfield Properties, paid an undisclosed price for the asset at 40 West Park Place, expanding its portfolio in the popular central business district. The brokerage team noted that The Shops at 40 Park, which fronts the Morristown Green, is fully leased at street level but has some 15,000 square feet of vacant space on the lower level, which the Lyndhurst-based buyer plans to reposition.
JLL senior managing directors Jose Cruz and Kevin O’Hearn and Director J.B. Bruno spearheaded the deal on behalf of the seller, which also includes a global real estate investment manager. They also procured the purchaser.
Terms were not disclosed.
“Despite the space not being at street level, it offers potential tenants an opportunity to have direct presence on the Morristown Green at compelling rates,” said Nazario M. Paragano, a vice president with Winfield Properties. “We are excited to reintroduce this opportunity into the market.”
Located at the base of 40 Park and The Metropolitan — two well-known residential developments with 76 luxury condominiums and 130 rentals, respectively — the retail space houses tenants such as Starbucks, Roots Steakhouse, Agricola, Qdoba and AT&T. The 14-year-old, 49,974-square-foot property attracts roughly 1 million visitors annually, JLL said, adding that it’s surrounded by 2.6 million square feet of office space and is within walking distance of the Morristown train station.
“The Shops at 40 Park represents a rare opportunity to acquire a high-street retail asset in one of northern New Jersey’s most desirable urban submarkets,” Cruz said.
Winfield’s acquisition follows its recent completion of the Schuyler Lofts apartments, also in downtown Morristown and a short walk from The Shops at 40 Park.
“Morristown remains a core focus of our investment strategy, and the Shops at 40 Park is complementary to our growing portfolio of mixed-use properties,” said Anthony DiTommaso, Winfield Properties’ founder and managing partner.
Winfield, Christie’s launch leasing at new 26-unit rental project in Morristown
