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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).