East Hanover Plaza at 154 Route 10 South in East Hanover — Courtesy: JLL
By Joshua Burd
A real estate investment trust is seeking a buyer for more than 98,000 square feet of retail space on Route 10 in East Hanover, having retained JLL to market the property.
According to the brokerage team, East Hanover Plaza at 154 Route 10 South is fully leased to tenants including HomeSense, HomeGoods and Sierra, all subsidiaries of TJX Cos. It also benefits from the adjacent Costco and Target stores, contributing to a retail corridor and intersection that has average daily traffic of some 35,600 vehicles.
Built in 1994, the asset occupies 8.43 acres and draws 5.1 million visitors per year.
“This high vehicle volume, credit-rated tenant roster and unmatched pair of shadow anchors positions the property as one of the top open-air centers in the country, landing in the top 98th percentile for neighborhood shopping center locations across the nation,” the JLL team wrote, noting that the average household income within a three-mile radius is $243,499. The firm added that the 98,020-square-foot complex ranks within the top 2 percent of all neighborhood centers in annual visitors in New Jersey.
JLL’s Jose Cruz, J.B. Bruno and Michael Kavaler lead the team marketing the property, with support from Max Custer and Gregory H. Nalbandian of the firm’s debt and equity group. Publicly traded SITE Centers Corp. owns the center, according to its website, noting that it’s positioned in the heart of the Route 10 corridor and is accessible from Interstate 287.
Other tenants include The Paper Store, Pearle Vision and Chili’s, as well as a fine dining restaurant and urgent care, according to JLL. Meantime, the Sierra store is the top performer of its kind in New Jersey, while the HomeGoods and HomeSense at East Hanover Plaza each rank No. 4 in the state.
