145 Route 10 in East Hanover — Courtesy: RIPCO Real Estate
By Joshua Burd
An investor has purchased a 70,000-square-foot shopping center in East Hanover for nearly $13.8 million, in a newly announced deal by RIPCO Real Estate.
The listing team noted that the property, located at 145 Route 10, has an AMC movie theater as its anchor alongside tenants such as Chuck E. Cheese, GolfTec and a cell phone tower occupier. The center also benefits from a structured parking deck, allowing for strong customer accessibility for the property’s entertainment and retail uses.
RPICO’s Seth Pollack and Nina Becker represented the unnamed seller and sourced the private buyer in the $13.75 million deal.
“This transaction represents a highly attractive retail asset in one of northern New Jersey’s strongest suburban corridors,” said Pollack, a managing director of investment sales at RIPCO. “The combination of nationally recognized tenants, strong traffic patterns and the property’s unique parking infrastructure made this an especially compelling opportunity.”
The firm added that Route 10, one of North Jersey’s busiest retail corridors, provides strong visibility and accessibility as it serves a dense and affluent Morris County trade area.
“Entertainment-driven retail continues to perform well in high-barrier suburban markets, particularly in locations with strong visibility and established consumer traffic,” said Becker, an executive managing director. “This center is well-positioned for long-term success given its tenancy, accessibility and presence along Route 10.”
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