110 Washington St. in Morristown — Courtesy: NAI James E. Hanson
By Joshua Burd
A retail property housing a Whole Foods in Morristown is under new ownership, following a sale orchestrated by NAI James E. Hanson.
The brokerage firm said Wednesday that it represented the buyer, E&H Members LLC, in its purchase of 110 Washington St. The 22,000-square-foot building, which traded for an undisclosed price, is fully leased to the high-end grocer and has a 20-year agreement in place.
NAI Hanson’s Scott K. Perkins, Greg James and Chris Todd represented the buyer, the Hackensack-based brokerage said in a news release.
“NAI Hanson always looks to match our clients with investments that suit their needs perfectly,” Perkins said in a prepared statement. “E&H Members came to us in a need of a 1031 exchange. We provided a number of NNN properties that would require little or no maintenance. The Whole Foods in Morristown was the perfect fit with stable cash flow and a nationally known, credit-worthy tenant.”
The previous tenant was a 40-year-old A&P grocery store that had seen declining profits for many years until its eventual closing in 2013, the news release said. The town’s changing demographics and customer needs made Whole Foods an ideal tenant at the location, leading to its opening last year.