Marcus & Millichap announced the successful $9 million sale of a premium net-leased property occupied by CVS, located at 65 River Road in Edgewater.
The 13,361-square-foot facility sits on a prime one-acre lot along the Hudson River, directly across from Manhattan. The transaction highlights the continued strength of the “Gold Coast” real estate market and the high demand for essential-service retail assets.
The property garnered significant attention from the investment community due to its dual appeal as a stable income generator and a future development play.
“This triple-net-leased investment created a tremendous amount of interest from single-tenant buyers, as well as developers and owners looking to land bank a strong future development site,” Steven Siegel of Marcus & Millichap said. Siegel represented the seller.
The buyer, whose identity was not disclosed, was procured by an outside brokerage firm. Jim McGuckin served as Marcus & Millichap’s broker of record for the New Jersey transaction.
CVS currently operates under a triple-net (NNN) ground lease that extends through 2035. This lease structure is highly coveted by investors as it typically requires the tenant to handle all property-related expenses, including taxes, insurance and maintenance.
Key features of the 65 River Road site include:
-
Shadow-Anchored Retail: The site sits adjacent to a HomeGoods, benefiting from established local foot traffic.
-
Connectivity: The location offers immediate access to the George Washington Bridge, NJ Transit bus routes, and the Edgewater Ferry landing.
-
Neighborhood Growth: The property is surrounded by high-end waterfront residential developments and dense neighborhood retail.
