Grocery-anchored Essex Mall sells for $47M, CBRE says

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New York-based Milbrook Properties is now the owner of the Essex Mall in West Caldwell, a 189,773-square-foot, grocery-anchored shopping center.

CBRE announced the $47 million sale of the complex June 7, which was acquired as part of a 1031 exchange.

A team of Jeffrey Dunne, David Gavin, Jeremy Neuer, Steve Bardsley and Travis Langer represented the owner — a joint venture of Stop & Shop, which anchors the center, and Goodrich Management. The group also procured Milbrook as the buyer.

“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,” Dunne said in a statement.

According to CBRE, Essex Mall is 97% leased and boasts a history of long-term tenancy. In addition to Stop & Shop, Marshalls anchors the site, which provides excellent frontage and access from West Caldwell’s Bloomfield Avenue. PNC Bank, a newly built-out Compassion First pet hospital, and Twisterz are among the mix of restaurants and service-oriented tenants that also occupy space at Essex Mall.

“We continue to see strong demand for retail centers like Essex Mall, which provide long-term cash flow and a highly attractive rent roll,” Gavin stated.

The complex at 875 Bloomfield Ave. is situated in an infill, high demographic market featuring a population of 172,000 within 5 miles and an average household income of more than $175,000, according to CBRE.

Milbrook Properties is a real estate management, acquisition and development company currently operating more than 75 properties across New Jersey, New York, Delaware and Florida.