Moonachie-based Weiss Realty affiliate 2215 Route 4 Associates LLC announced on Sept. 13 that it sold a notable Bergen County retail asset located on Route 4 East in Fort Lee to Hoboken-based JDA Group for $5.55 million.
The 20,000-square-foot property, located at one of the busiest commuter highways in the country leading to the George Washington Bridge, was a former Shell gas station and purchased by the Weiss affiliate in 2008. It includes a Starbucks Coffee Drive-thru and a Bank of America ATM kiosk.
The ground-up, build to suit project for Starbucks Coffee Co. and the Bank of America ATM was completed in 2010 and earned Weiss Realty Principal Jaime Weiss the Fort Lee Chamber of Commerce “Beautification Award” for most ingenious and beautiful newly constructed complex. Weiss was also named Fort Lee “Person of the Year” for the development, which was designed by Bilow Garrett Architects and the late David Beesley of MacDel Engineering.
“This deal is an exciting step for our company,” said JDA Group CEO Greg Dell’Aquila. “In addition to giving us a great opportunity to acquire our first stand-alone retail property in Northern New Jersey, it adds two national, credit-rated tenants to our expanding portfolio – a move aligned with our vision for future growth.”
Timothy Connell, vice president of JDA Group, noted that the property’s drive-thru retail focus was a key consideration.
“Over the past 18 months, as the retail section has been put to the test, this pandemic-proof design has afforded tenants the ability to operate successfully and safely under the most challenging of environments,” he said.
Morristown-based JLL Director of Capital Markets J.B. Bruno orchestrated the off-market transaction for the buyer.