"It is centrally located in one of the most heavily populated areas in the state," says David Bernhaut of Cushman & Wakefield's Metropolitan Area Capital Markets Group, who orchestrated the sale with team members Andrew Merin, Gary Gabriel and Jose Cruz. "The property occupies an infill location within a competition-constrained marketplace that offers almost no future retail development opportunities."
Made up of five buildings on a 14-acre site on South River Street, Riverfront Plaza was 100% leased at the time of sale. Anchored by a ShopRite supermarket of more than 70,000 sf, the property's other tenants include GNC, H&R Block, Hollywood Video, KFC, Mandee, Radio Shack, Taco Bell and Washington Mutual.
The property also borders the Hackensack River and a portion of the Riverwalk. The latter is part of a waterfront park that connects several Northern New Jersey communities and provides a continuous pedestrian trail connecting parks, retail, office and residential areas.
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