2215 Route 4 East in Fort Lee — Courtesy: JDA Group LLC
By Joshua Burd
A developer and investment firm has acquired the site of a Starbucks and bank kiosk property in Fort Lee, marking an expansion into the Bergen County retail sector.
Based in Hoboken, JDA Group LLC said it paid $5.55 million for the nearly half-acre site at 2215 Route 4 East. The firm noted that the property is fully occupied by the 1,800-square-foot coffee chain location and the adjacent Bank of America facility, both of which offer drive-through service.
“This deal is an exciting step for our company,” said Greg Dell’Aquila, JDA Group’s CEO. “In addition to giving us a great opportunity to acquire our first standalone retail property in northern New Jersey, it adds two national, credit-rated tenants to our expanding portfolio — a move aligned with our vision for future growth.”
JLL’s J.B. Bruno brokered the off-market deal for both parties. William Fiore of the Newark-based law firm Meyner and Landis LLP also represented the seller, 2215 Route 4 Associates, an affiliate of Moonachie-based Weiss Realty Co. Inc., while Murphy Schiller & Wilkes LLP of Newark represented the buyer.
“2215 Route 4 presented a rare opportunity for JDA to acquire a net-leased asset with strong tenancy in an unmatched location,” Bruno added. “It was a pleasure working alongside our buyer and seller to consummate the sale.”
Located on the eastbound side of Route 4, the property is among the last stops for Manhattan-bound travelers before they cross the George Washington Bridge, JDA said. Weiss Realty’s Jaime M. Weiss developed the property in 2008, with an eye toward convenience.
“Drive-through service has long been a desirable feature of highway retail,” said Timothy Connell, a vice president with JDA. “Further, over the past 18 months as the sector has been put to the test, this pandemic-proof design has afforded tenants the ability to operate successfully and safely under the most challenging of environments.”