JLL Capital Markets announced that it has closed the $53.2 million sale of Edgewater Towne Center, a mixed-use property in Edgewater, New Jersey consisting of 76,525 square feet of retail space and 64 apartment homes.
JLL represented the seller, Site Centers Corp, and procured the local private buyer.
The property features 76,525 square feet of retail space complemented by 64 market-rate apartment units located on two floors above the retail component. The retail portion is 98% leased with a strong tenant mix including national brands such as One Medical, Club Pilates, Pure Barre and Bond Vet, creating a dynamic daily needs destination for the highly affluent Edgewater community. The residential component is 94% occupied and presents significant value-add opportunities, with approximately 75% of units containing original finishes primed for renovation.
The property’s strategic location along River Road provides immediate accessibility to New York City via the nearby Edgewater Ferry Landing and George Washington Bridge, making it attractive to residents seeking Manhattan alternatives at a 21% to 57% discount to other Hudson Waterfront and NYC submarkets. With views overlooking Manhattan and proximity to the Hudson Riverwalk, the asset capitalizes on one of the most desirable locations in the New York metropolitan area.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn and Senior Director J.B. Bruno.
“Edgewater Towne Center represented an extremely rare opportunity to acquire irreplaceable real estate on the Edgewater waterfront,” said Cruz. “The combination of Whole Foods anchorship, strong demographic fundamentals and significant upside potential through the residential renovation program made this an attractive asset for investors seeking both stability and growth.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
