Edgewater Towne Center at 905 River Road in Edgewater — Courtesy: JLL
By Joshua Burd
An upscale retail and residential property in Edgewater is on the market for sale, boasting a tenant roster that’s anchored by Whole Foods and 64 market-rate apartments.
Brokers with JLL are representing the would-be seller at 905 River Road, the site of what’s known as Edgewater Towne Center. That includes 76,525 square feet of waterfront retail space that is 98 percent leased, with a tenant roster that also includes One Medical, Trek Bicycle, Pure Barre, Restore Hyper Wellness & Cryotherapy and Club Pilates.
The apartments, meantime, are located on two floors above the shop space and an adjoining courtyard, the listing team said. The units are 94 percent occupied across a mix of studio, one-bedrooms and two-bedroom floorplans but present what JLL described as “an exceptional value-add opportunity,” noting that some 75 percent of the homes contain white appliances and are primed for renovation.
JLL’s Jose Cruz, J.B. Bruno, Kevin O’Hearn and Michael Kavaler are marketing the property, which was completed in 2000 and sits on nearly 14 acres, with support from Ryan Carroll and Max Custer of the firm’s financing group.
“Edgewater Towne Center presents an extremely rare opportunity to acquire irreplaceable real estate on the Edgewater waterfront, anchored by Whole Foods, with significant upside potential through leasing up the available retail and residential space and renovating the apartment units,” the listing team wrote. JLL noted that the nearly 42,000-square-foot grocery store attracts 1.1 million visits annually and is the company’s fourth-ranked location in New Jersey, citing data from Placer.ai, while the average household income in Edgewater is $203,026.
Additionally, the firm said the borough’s population has increased by some 25 percent since 2010 to 13,918. Meantime, the River Road multifamily corridor offers waterfront views and easy access to Manhattan but with a 38 to 49 percent discount to other Hudson waterfront and New York City submarkets.
“Less than one mile from the NY Waterway at Edgewater Ferry Landing, which offers 11 direct trips a day, and three miles from the George Washington Bridge, the property’s location provides residents with easy access to New York City for both work and play,” JLL wrote. “The Hudson Waterfront market has become an appealing option for New York City residents seeking an attractive alternative, offering lower rents, larger and more luxurious units, and unparalleled access to mass transit for a convenient and rewarding city living experience.”
