JLL Capital Markets announced on Tuesday that it successfully executed the $53.2 million sale of Edgewater Towne Center, a prominent mixed-use development situated on the desirable Hudson Waterfront in Edgewater.
The property, which spans nearly 14 acres, includes 76,525 square feet of highly leased retail space complemented by 64 market-rate apartment homes. The center’s retail component is anchored by a high-performing Whole Foods Market, which is ranked fourth in sales across the state of New Jersey.
JLL represented the seller, Site Centers Corp, and successfully procured a local private buyer for the asset.
Irreplaceable location and value-add potential
Completed in 2000, Edgewater Towne Center boasts a strong tenant roster, with its retail space currently 98% leased to national brands such as One Medical, Club Pilates, Pure Barre, and Bond Vet, establishing it as a dynamic daily needs destination for the affluent Edgewater community.
The residential portion, which sits on two floors above the retail, is 94% occupied and provides a clear value-add opportunity for the new owner. Approximately 75% of the apartment units contain original finishes, making them primed for a renovation program.
“Edgewater Towne Center represented an extremely rare opportunity to acquire irreplaceable real estate on the Edgewater waterfront,” JLL Senior Managing Director Jose Cruz said. “The combination of Whole Foods anchorship, strong demographic fundamentals and significant upside potential through the residential renovation program made this an attractive asset for investors seeking both stability and growth.”
The property’s strategic location along River Road offers residents immediate accessibility to Manhattan via the nearby Edgewater Ferry Landing and the George Washington Bridge, presenting a major advantage with rentals offering a significant discount compared to other Hudson Waterfront and New York City submarkets.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn, and Senior Director J.B. Bruno.
