CBRE announced today the $47 million sale of Essex Mall, a 189,773 sq. ft. grocery-anchored shopping center in West Caldwell, NJ. The CBRE team of Jeffrey Dunne, David Gavin, Jeremy Neuer, Steve Bardsley and Travis Langer represented the owner, a joint venture between Stop & Shop and Goodrich Management, while also procuring the buyer, Milbrook Properties, which acquired the center as part of a 1031 exchange.
Essex Mall is a 97% leased center anchored by Stop & Shop and Marshalls with excellent frontage and access from the heavily traveled Bloomfield Avenue (28,491± cars/day) in West Caldwell, NJ. Additional tenants at the center include PNC Bank, Compassion First, a newly built-out 24/7 pet hospital, Twisterz and a diverse mix of restaurants and other service-oriented tenants. The property has a history of long-term tenancy, including Stop & Shop, Marshalls and several of the inline tenants. Essex Mall is situated in an infill, high demographic market highlighted by a population of 172,000 within 5 miles and average household incomes over $175,000.
CBRE’s Jeff Dunne said, “The offering represented a unique opportunity to purchase a grocery-anchored center offering highly stable income and no near-term rollover in Northern New Jersey.”
CBRE’s David Gavin added, “We continue to see strong demand for retail centers like Essex Mall, which provide long-term cash flow and a highly attractive rent roll.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
