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Grocery-Anchored Center Changes Hands in West Caldwell
CBRE closed the $47-million sale of Essex Mall, a 189,773-square-foot, 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. They also procured the buyer, Milbrook Properties, which acquired the center as part of a 1031 exchange.
Located at 875 Bloomfield Ave. in West Caldwell, Essex Mall is a 97% leased center anchored by Stop & Shop and Marshalls with access from the heavily traveled Bloomfield Avenue. 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 offering represented a unique opportunity to purchase a grocery-anchored center offering highly stable income and no near-term rollover in Northern New Jersey,” said Dunne.
- ◦Sale/Acquisition

