1717 River Road in Fair Lawn — Courtesy: JLL
(Editor’s note: This story was updated Thursday, Aug. 29, with additional information and quotes from JLL, which brokered the transaction.)
By Joshua Burd
TFE Properties has expanded to Bergen County with its purchase of nearly 93,000 square feet of retail space on a 6.3-acre site in Fair Lawn, in a deal arranged by JLL.
The buyer, which is based in East Windsor, said the deal on River Road comprises three buildings including an 18,825-square-foot Walgreens, an 18,900-square-foot multitenant property and a 54,800-square-foot former ShopRite. It’s now slated to upgrade the site, aiming to capitalize on its visibility, on-site parking and location near Interstate 80 and the Garden State Parkway.
JLL senior managing directors Jose Cruz and Kevin O’Hearn and directors J.B. Bruno and Ryan Robertson represented the seller, Bon-Marc Realty Co., as advised by Real Estate Asset Management Partners. They also procured the buyer.
“This is our first property in Bergen County,” said Carey Tajfel, president of TFE Properties. “Fair Lawn is a community with strong income levels and great demographics. We’re excited to expand our portfolio in this established neighborhood.”
O’Hearn added: “The market remains red hot for value-add retail opportunities. Combined with this strong infill location in land constrained Bergen County, investor interest was very strong for this property.”
The ShopRite at 1717 River Road closed last year with the opening of a new location in the borough, at 22-00 Maple Ave., as part of a redevelopment by Crossroads Cos. TFE is now marketing the vacant supermarket as well as smaller spaces at the neighboring buildings.
“We plan to upgrade the façade of the multitenant building and former ShopRite to give the center a fresh, clean, modern appearance,” Tajfel said. “The former ShopRite is only 25 years old and is in excellent condition. It’s a great location for another grocer or medical office space.”
ShopRite debuts at new-look Fair Lawn retail center, following deal arranged by RIPCO
