SITE Centers Sells New Jersey Retail Center

West Falls Plaza. Image courtesy of JLL Capital Markets

An affiliate of Northeast Capital Group has acquired West Falls Plaza, a 90,945-square-foot retail center in Woodland Park, N.J. JLL Capital Markets brokered the $18 million transaction on behalf of the seller and procured the buyer. SITE Centers was the seller, according to public records.

The area features both national and regional retailers, including Home Depot, Best Buy and Petco. The nearby Plaza 46 is anchored by Kohl’s. Garden State Parkway, as well as interstates 80 and 287, are less than 10 miles from the neighborhood retail center.

Situated at 1730 Route 46, West Falls Plaza is part of the retail hub within the core of the Passaic Route 46/23 submarket. The property serves a population of 125,000 residents within a 3-mile radius, averaging a household income of more than $125,000.

The JLL team that facilitated the sale included Senior Managing Directors Jose Cruz and Kevin O’Hearn, along with Director J.B. Bruno and Associate Michael Zlotnick.

Retail space absorption slows, but demand persists for neighborhood centers

The absorption of retail space decelerated in the first quarter of this year, according to a recent CBRE report, but the market continued to show a positive trend for the tenth consecutive quarter. During the first three months of the year, absorption reached 8.6 million square feet, compared to 31.5 million square feet at the same point in 2022.

Demand for newly constructed centers, particularly in the power center and neighborhood, community and strip center categories, remains high. In the first quarter, the nation’s average retail availability hit a historic low of 4.8 percent, decreasing by 50 basis points compared to the previous year.