West Falls Plaza at 1730 Route 46 in Woodland Park — Courtesy: Dermody Properties
By Joshua Burd
An affiliate of Northeast Capital Group has purchased a nearly 91,000-square-foot shopping center in Woodland Park for $18 million, brokers with JLL announced Tuesday.
The investment sales team said the property, located at 1730 Route 46, is part of a submarket that houses national and regional retailers such as Home Depot, Best Buy and Petco, drawing from a population of 125,000 within a three-mile radius. Known as West Falls Plaza, the 90,945-square-foot property is also less than 10 miles from several major highways, including Interstate 80 and the Garden State Parkway, and is home to tenants such as World Market, Planet Fitness and Starbucks.
JLL’s Jose Cruz, J.B. Bruno, Kevin O’Hearn and Michael Zlotnick led the team representing the seller.
“The center’s location and future upside potential were the two drivers that investors focused on during the marketing,” Cruz said. “The capital markets, from both a debt and equity perspective, are reacting favorably to retail, as well.”