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JLL Capital Markets advised seller TFE Properties in connection with the disposition of River Road Shopping Center in Fair Lawn.

The full-service global provider of capital solutions for real estate investors and occupiers announced the transaction July 15. Separately, Paramus-based The Goldstein Group also announced the sale. Vice Presidents Marc Palestina and CJ Huter, Executive Vice President Lew Finkelstein and Principal Neil Goldstein represented the seller, 17-77 River LLC and SSM River LLC, in the disposition. Meanwhile Cushman & Wakefield Managing Director Frank Truesdell and Executive Director John Picco represented the purchaser, BSPSS Mid-Atlantic.

According to a person familiar with the matter, the property sold for $14 million. Last August, East Windsor-based TFE acquired the 92,523-square-foot neighborhood shopping center located at 17-17 to 17-70 River Road — in a deal also arranged by JLL Capital Markets. In the latest, JLL served as leasing agent on the property.

Originally built in 1962, the three-building center features tenants including Sherwin Williams and a freestanding Walgreens. It also includes a vacant grocery store (54,000 square feet), previously leased to ShopRite. A spokesperson for JLL told NJBIZ the River Road Shopping Center boasts approximately 30% occupancy.

Beyond the former ShopRite, additional in-line openings are available in the property’s middle building.

According to Palestina, the buyer plans to reposition the old ShopRite space for a new use. “While the property was initially introduced to the market for lease, a strategic sale opportunity materialized, prompting ownership to shift strategy and move forward with the sale,” he noted.

TFE Properties expanded its Brick base earlier this year, acquiring its fifth property in the Ocean County municipality in March. Read more about the deal.

Finkelstein described the deal as a total team effort to NJBIZ “between Marc, CJ, Neil and myself in getting this across the finish line prior to the new mansion tax law changes that went into effect on July 10, 2025.”

The property offers quick access to major highways, such as Routes 208, 4 and 17, as well as Interstate 80. It also boasts a location within affluent and densely populated Fair Lawn.

At 5.1 square miles, Fair Lawn has a total population of nearly 35,000, according to U.S. Census Bureau data. The median household income is $147,952 – well above the state figure, $99,781.

JLL’s Capital Markets Investment team advising the seller included Senior Managing Directors Jose Cruz and Kevin O’Hearn and Senior Director J.B. Bruno.

According to O’Hearn, “We’re thrilled to have assisted TFE Properties with the successful completion of their value-add strategy in less than one year from acquiring the property. With the lack of retail development in the region, combined with the exceptionally strong user demand, opportunistic investors are poised to do very well in this market.”

Editor’s note: This story was updated at 6:43 a.m. ET on July 28, 2025, to include details regarding The Goldstein Group’s and Cushman & Wakefield’s role in the transaction, clarify JLL’s role and to include additional property information.