1104 and 1132 Route 46 West in Clifton — Courtesy: Atlantic Coastal Real Estate LLC
By Joshua Burd
An investor has acquired nearly 20,000 square feet of highway retail space in Clifton for $4.4 million, in a deal arranged by Atlantic Coastal Real Estate LLC.
According to the brokerage team, the property at 1104 and 1132 Route 46 West includes a 15,640-square-foot center and a restaurant outparcel with 3,962 square feet. The sale by Balmar Realty LLC and Gohawir Realty 1096/1104 LLC follows a recent five-year, 5,213-square-foot lease by Leslie Pools and a new 10-year commitment by Olive Bistro, which replaced the Maple Valley Diner, as well as the conclusion late last year of major roadwork on the highway.
Chris Conway, president of Atlantic Coastal Real Estate, brokered the sale to ALBI Properties LLC. He noted that the 2.15-acre site is also home to CKO and Liquor Locker, which account for 7,000 square feet and are on month-to-month leases.
“The extension exercised by Leslie Pools and new long-term-year lease entered into by Olive Bistro, combined with two month-to-month tenants, provided the perfect balance between stability and a value-add opportunity for the purchaser, accompanied with a sale price that made sense to the sellers,” Conway said. “The roadwork on this part of the Route 46 corridor proved to be an extreme obstacle over the past few years. That thankfully subsided heading into 2024. With approximately 400 feet of frontage and 2.15 acres of land, the purchaser’s ability to reposition the center as is, or redevelop years down the road, made it a viable investment opportunity.”
