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Anatomy of a Sale: West Falls Plaza in Woodland Park, N.J.

Photo provided by JLL

JLL Capital Markets in May brokered the sale of a suburban neighborhood strip mall center, called West Falls Plaza, in the Passaic County borough of Woodland Park, N.J. The shopping center is located about three miles from Paterson, the third most populous city in New Jersey, and is about 20 miles northwest from New York City. The center is along route 46, East-West highway that runs through the state of New Jersey, and it’s less than ten miles from Interstate 80 and Interstate 287. The population is 125,000 within three miles of the center, with an average household income of $125K.

Property: West Falls Plaza in Woodland Park, N.J.
Square Footage: 90,945 s.f.
Sale Price: $18M
Seller: SITE Centers Domestic Retail Fund
Buyer: an affiliate Northeast Capital Group

West Falls Plaza has a Planet Fitness, an andThat!, and a World Market furniture store, as well as an outparcel Starbucks and an On the Border restaurant that permanently closed in late 2021. Within .2 miles is another retail center with such nationally known high traffic brands as Best Buy, Kohl’s, Barnes & Noble and Sephora. Also, within .4 miles on Interstate 46 is a Petco. The center was appealing to the buyer because of its future upside potential. The JLL team that brokered the sale included Jose Cruz, J.B. Bruno, Kevin O’Hearn and Michael Zlotnick.

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