245 Littleton Road in Morris Plains — Courtesy CBRE
By Joshua Burd
An investment firm has acquired a grocery-anchored shopping center in Morris Plains, in a nearly $27 million deal brokered by CBRE.
The firm on Thursday said it represented JDA Development Co. in the sale of 245 Littleton Road, a 67,449-square-foot complex that is leased to Stop & Shop. CBRE also procured the buyer, Oak Street Real Estate Capital, noting that the lease runs through 2031 and is guaranteed by the grocer’s parent company, Ahold.
Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners completed the $26.75 million transaction.
“The property provided a compelling opportunity for Oak Street to purchase a long-term, credit lease with a dominant grocer in (Metro New York),” Dunne said. “The strong nearby demographics, highlighted by over 65,000 residents and average household incomes over $140,000 within three miles, support the high sales volumes at the property.”
The property sits at the busy intersection of Route 202 and Route 10, which sees daily traffic of nearly 100,000 cars, CBRE said.