Greenleaf at Union in Union — Courtesy: JLL
By Joshua Burd
A newly built, 111,000-square-foot retail center in Union County is on the market for sale, with brokers touting the presence of two national anchors and a location along a busy highway.
Brokers with JLL are marketing the property, Greenleaf at Union, which was built in 2017 at 1235 West Chestnut St. in Union. Spanning 110,688 square feet, the complex is 89 percent leased and is expected to have completed deals for the remaining space in the coming months.
The property could command more than $45 million.
“Greenleaf at Union presents a unique opportunity to acquire a newly constructed, well-positioned retail center with a diverse and strong tenant mix in a premier shopping corridor,” JLL wrote in its offering materials. The firm noted that anchor tenants LA Fitness and Bob’s Discount Furniture account for 62 percent of the center under long-term leases.
JLL also cited tenants such as Firehouse Subs, Burger IM and Red Wing Shoes and a population of 170,000 residents within a three-mile radius, with an average household income of $90,000. What’s more, Route 22 has a daily traffic count of roughly 40,000 vehicles.
“Since the property is recently constructed with new leases in place, the expectation is there will be little to no capital costs for lease up and repairs and maintenance,” JLL added, noting that the current weighted average lease term is 10.5 years, with the first lease expiration not occurring until September 2027. “An investor is primed to capture steady cash flow with little exposure to capital risk over a long-term period.”
The JLL marketing team includes Jose Cruz, Steve Simonelli, Kevin O’Hearn, Chris Munley, James Galbally and Nicholas Stefans. Matthew Pizzolato is overseeing financing.