Edgewater Towne Center at 905 River Road in Edgewater — Courtesy: JLL
By Joshua Burd
A local investor has acquired a Whole Foods-anchored retail center and 64 apartments in Edgewater for more than $53 million, in a newly announced deal by JLL.
The brokerage team represented the seller, Site Centers Corp., and procured the private buyer in the trade of Edgewater Towne Center at 905 River Road. The 25-year-old property drew strong interest thanks in part to a 76,525-square-foot retail section that is 98 percent leased and home to several national brands, JLL said, while its market-rate residential component is 94 percent occupied with significant value-add potential.
“Edgewater Towne Center represented an extremely rare opportunity to acquire irreplaceable real estate on the Edgewater waterfront,” said Jose Cruz, a senior managing director with JLL. “The combination of Whole Foods anchorship, strong demographic fundamentals and significant upside potential through the residential renovation program made this an attractive asset for investors seeking both stability and growth.”
The JLL listing team of Cruz, Senior Managing Director Kevin O’Hearn and Senior Director J.B. Bruno brokered the $53.2 million sale. They noted that the nearly 14-acre property is home to New Jersey’s fourth-ranked Whole Foods, which anchors a roster that also includes One Medical, Club Pilates, Pure Barre and Bond Vet.
The firm added that about 75 percent of the apartments, located on two floors above the retail component, contain original finishes. That makes them primed for renovation, allowing the property’s new owner to leverage a location near Edgewater Ferry Landing and George Washington Bridge and a market that provides a 21 to 57 percent discount to other Hudson waterfront and New York City submarkets.
JLL: Buyer wanted for Edgewater property with 62 apartments, Whole Foods-anchored retail
