Marcus & Millichap Real Estate Investment Services announced that it has arranged the sale of Marketplace at Edgewater in Edgewater, New Jersey for $20.6 million, or roughly $232 per square foot. Mark Taylor, Dean Zang and Christopher Munley, all in Marcus & Millichap's Philadelphia office, represented the seller, a private investor.
The new owner, Capstone Realty Group, plans to launch a multi-million dollar improvement plan for the 88,902 square-foot center, including new facades and enhancements to the property's boardwalk overlooking the Hudson river. "We plan to upgrade and modernize the Edgewater Marketplace and aggressively seek high quality tenants for the vacant space," said Rob Friedberg, managing partner at Capstone, in a CoStar article.
Marketplace at Edgewater was built in 1990 on approximately 6.4 acres at 725 River Road. It is anchored by Trader Joe's, which leases the pad site; other tenants include Animal General, Binghamton Bagel, Chase Bank, Fast Frames, H&R Block, PetValu, River Pet Resorts and Scerbo Physical Fitness. Capstone said that it has retained Curtis Nassau at Ripco Real Estate to lease the remaining 14,000 square feet of space.
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