West Falls Plaza at 1730 Route 46 in Woodland Park — Courtesy: JLL
By Joshua Burd
The owner of a nearly 91,000-square-foot retail center in Woodland Park has put the property on the market for sale, in a new offering by JLL’s New Jersey capital markets team.
Known as West Falls Plaza, the complex at 1730 Route 46 is home to tenants including andThat! By Christmas Tree Shops and World Market, along with Planet Fitness, Starbucks and a pad site that will be home to Texas Roadhouse. The fully leased property is projected to sell for around $28 million, JLL said, citing its visibility along the busy highway and Passaic County’s dense population.
“West Falls Plaza presents a compelling opportunity for investors to capitalize on a desirable retail asset with strong in-place cash flow and national tenancy located in one of the most heavily trafficked retail corridors in the state,” the brokerage team wrote in its offering announcement. The firm added that the complex sits within “a dynamic retail pocket, as the greater Passaic Route 46/23 submarket contains over 8 million square feet of retail space with an overall vacancy rate in the single digits.”
JLL is representing an undisclosed seller in the offering. The firm noted that the 8.3-acre property, which was developed in 1996 and renovated in 2017, includes two retail buildings and two pad sites and is surrounded by a population of 125,000 within a three-mile radius.
Starbucks is a newer addition to West Falls Plaza, occupying a 2,000-square-foot pad site with a drive-thru under a deal that has nearly 10 years remaining on its lease term, JLL said. Meantime, Texas Roadhouse will operate on a ground lease with the planned redevelopment of a 7,652-square-foot pad just north of Route 46.
The JLL marketing team includes Jose Cruz, J.B. Bruno, Steve Simonelli, Kevin O’Hearn, Chris Munley and Grace Braverman, with Max Custer and Craig Parcells spearheading financing and leasing, respectively.
