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Woodland Park shopping center sells for $18M

JLL announces sale of West Falls Plaza

Jessica Perry//May 19, 2023

West Falls Plaza located at 1730 Route 46 in Woodland Park is a 90,945-square-foot shopping center. - JLL

West Falls Plaza located at 1730 Route 46 in Woodland Park is a 90,945-square-foot shopping center. - JLL

West Falls Plaza located at 1730 Route 46 in Woodland Park is a 90,945-square-foot shopping center. - JLL

West Falls Plaza located at 1730 Route 46 in Woodland Park is a 90,945-square-foot shopping center. - JLL

Woodland Park shopping center sells for $18M

JLL announces sale of West Falls Plaza

Jessica Perry//May 19, 2023

West Falls Plaza shopping center in Woodland Park has changed hands in a transaction negotiated by JLL Capital Markets.

The firm announced the $18 million sale of the 90,945-square-foot retail complex located at 1730 Route 46 May 16. JLL represented the unnamed seller and procured the buyer, an affiliate of Northeast Capital Group.

According to Senior Managing Director Jose Cruz, who led the team representing the seller along with Director J.B. Bruno, Senior Managing Director Kevin O’Hearn and Associate Michael Zlotnick, capital markets are reacting favorably to retail from both a debt and equity perspective.

“The center’s location and future upside potential were the two drivers that investors focused on during the marketing,” he stated.

In its U.S. Retail Outlook from the first quarter of 2023, JLL reported neighborhood centers – like West Falls Plaza – had the highest annual rent growth among retail property types, at 4.7%. For Q1 nationwide, the average rent per square foot at these complexes was $23.05.

The 3 miles surrounding West Falls Plaza are home to a population of 125,000 with an average household income of $125,000.

According to JLL, West Falls Plaza is situated in a dominant retail hub in the heart of the Passaic Route 46/23 submarket. There, national retailers include: World Market, Home Depot, Best Buy and Petco. The center also benefits from neighboring properties, like the Kohl’s-anchored Plaza 46.


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