Riverfront Plaza at 500 South River Road in Hackensack — Courtesy: JLL
By Tina Traster
JLL has negotiated the sale of Riverfront Plaza, a 129,000-square-foot shopping center anchored by ShopRite in Hackensack.
The capital markets team listed the property on behalf of the sellers, a joint venture of Regency Centers Corp. and a separate account client advised by LaSalle Investment Management. Sterling Organization acquired the complex at 500 South River Road for an undisclosed price.
“Grocery-anchored retail within infill locations continues to be in high demand with both private and institutional investors,” said JLL’s Jose Cruz, who marketed the property alongside Kevin O’Hearn, Steve Simonelli, Michael Oliver and Grace Braverman.
Riverfront Plaza was 96 percent leased at the time of the deal, with a tenant lineup that also includes Sherwin-Williams, Leslie’s Pool Supplies and HILTI. Sitting on 13.8 acres, the center sits along the Hackensack River and at a signalized intersection less than a mile from major regional highways, including Interstate 80 and Route 46, with a population of more than 605,000 residents and average annual household incomes of nearly $110,000 within a five mile-radius.
