75 Mayhill St. in Saddle Brook — Courtesy: JLL
By Joshua Burd
Vision Real Estate Partners has sold a nearly 63,000-square-foot grocery store property in Saddle Brook for $16.1 million, brokers with JLL announced Tuesday.
In a news release, the capital markets team said The Winter Organization acquired the single-tenant asset at 75 Mayhill St. It noted that Acme Markets, a subsidiary of Albertsons Cos., has occupied the 62,504-square-foot property since its completion in 1998, with a current lease term that runs for roughly 10 years.
JLL senior managing directors Jose Cruz and Kevin O’Hearn, Director J.B. Bruno and Associate Austin Pierce represented Vision Real Estate Partners in the sale. They added that the 6.9-acre parcel has as-of-right zoning for both industrial and general business uses, providing an opportunity for potential redevelopment.
“75 Mayhill generated exceptional investor interest and multiple offers given its grocery profile, significant remaining lease term, flexible zoning and strong location in the heart of Saddle Brook,” Bruno said.
JLL noted that 75 Mayhill St. is less than five minutes by car from both Interstate 80 and the Garden State Parkway. It’s also close to Route 46 and within walking distance of Market Street, a main corridor in the township that is home to a host of shopping, dining and retail amenities, while it benefits from a population of 261,415 within three miles of the site.
