Listen to this articleSituated along the Hudson River waterfront, mixed-use Whole Foods Market-anchored Edgewater Towne Center has a new owner.
JLL announced the $53.2 million sale of the 76,525-square-foot property Sept. 30. Seller Site Centers Corp. disclosed the deal the day before. Neither parties revealed the buyer.
In addition to retail, and situated above it, Edgewater Towne Center features 64 market-rate apartments on two floors. The property is located at 905 River Road in its namesake municipality.
Senior Managing Directors Jose Cruz and Kevin O’Hearn and Senior Director J.B. Bruno led the JLL Capital Markets Investment Sales and Advisory team representing Site Centers. The firm put out a call for buyers in July.
Completed in 2000, Edgewater Towne Center boasts 98% occupancy across its retail operations. Beyond Whole Foods, commercial tenants include One Medical, Club Pilates, Pure Barre and Bond Vet. It also offers proximity to the Hudson Riverwalk.
On the residential side, the Hudson River facing property is 94% occupied, JLL said. The firm noted the residences offer significant value-add opportunities, as about three-quarters of units feature original finishes.
The grocery-anchored site offers immediate access to New York City via the Edgewater Ferry Landing or George Washington Bridge.
JLL said the Empire State-adjacent site attracts residents looking for access without high costs. It said prices in Edgewater come in from 21% to 57% under other Hudson County waterfront properties and NYC suburbs.
“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.”
Self-administered and self-managed REIT Site Centers’ remaining N.J. properties include:
- East Hanover Plaza
- Nassau Park Pavilion
- Route 22 Retail Center
