Shops At The Siena at 42 Park St. in Montclair — Courtesy: JLL
By Joshua Burd
The owner of nearly 36,000 square feet of high-end retail space in downtown Montclair is looking to sell the property, brokers with JLL said in a recent offering.
Located at 42 Park St., the asset known as Shops At The Siena is the ground-floor component of a 101-unit luxury condominium complex built in 2007. According to JLL, the space is fully leased to a diverse mix of tenants including Starbucks, Retro Fitness, Verizon, 16 Handles and Woodhouse Day Spa, all of which benefit from Montclair’s highly regard retail environment and acclaimed central business district.
To that end, JLL noted that retail rents in Montclair are 20 percent higher than in the greater northern New Jersey market, while vacancy rates are nearly 50 percent lower.
“Montclair’s strong retail presence can be largely credited to the community’s regional accessibility and highly affluent demographics — Upper Montclair is one of the top 12 wealthiest towns in (New Jersey),” JLL wrote in its offering materials. “Shops At The Siena presents a unique opportunity to invest in a stabilized retail asset with strong in-place cash flow in the heart of the prominent Montclair retail corridor.”
JLL’s J.B. Bruno, Kevin O’Hearn, Jose Cruz and Bradley Wachenfeld are marketing the 35,827-square-foot property, with the firm’s Max Custer available for financing support and David Townes and Alana Friedman available for leasing advisory. They noted that the space has a weighted average lease term of more than 6.5 years, adding that national tenants such as Retro Fitness and 16 Handles recently signed 10-year commitments through 2033, while Starbucks has been a tenant for 17 years and just signed another five-year extension.
Montclair, meantime, has more than 2.1 million square feet of retail space with a vacancy rate of just 2.8 percent, JLL said. Shops At The Siena is directly adjacent to Bloomfield Avenue, one of the township’s major retail corridors, which is home to a host of local shops and restaurants as well as national brands such as Whole Foods, CVS, Urban Outfitters and others.
