Essex Mall at 875 Bloomfield Ave. in West Caldwell — Courtesy: CBRE
By Joshua Burd
A joint venture has sold a nearly 190,000-square-foot, grocery-anchored shopping center in West Caldwell for $47 million, according to a brokerage team with CBRE.
The sellers, Stop & Shop and Goodrich Management, completed the trade of 875 Bloomfield Ave. with 97 percent occupancy at the complex. Milbrook Properties purchased the 189,773-square-foot Essex Mall as part of a Section 1031 like-kind exchange, CBRE said, citing its history of long-term tenancy and a population of 172,000 within five miles, where household incomes average more than $175,000.
“The offering represented a unique opportunity to purchase a grocery-anchored center offering highly stable income and no near-term rollover in northern New Jersey,” CBRE’s Jeff Dunne said.
Dunne represented the seller and procured the buyer alongside David Gavin, Jeremy Neuer, Steve Bardsley and Travis Langer. In a news release, they noted that Stop & Shop and Marshalls anchor Essex Mall, which is also home to PNC Bank, Compassion First, a newly built-out pet hospital and a mix of restaurants and other service-oriented tenants.
“We continue to see strong demand for retail centers like Essex Mall, which provide long-term cash flow and a highly attractive rent roll,” Gavin said.
