65 River Road in Edgewater — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a net-leased retail property just off the Hudson River in Edgewater for $9 million, in a newly announced deal by Marcus & Millichap.
According to a news release, the brokerage firm’s Steven Siegel represented the seller in the transaction at 65 River Road. That includes a 13,361-square-foot property occupied by CVS, which operates under a ground lease that runs through 2035, benefiting from its proximity to a host of waterfront residential developments and neighborhood retail.
The site is also minutes from the George Washington Bridge, NJ Transit bus service and the Edgewater Ferry landing.
“This triple-net-leased investment created a tremendous amount of interest from single-tenant buyers, as well as developers and owners looking to land bank a strong future development site,” said Siegel, who is based in the firm’s Manhattan office.
Jim McGuckin is Marcus & Millichap’s broker of record in New Jersey.
