CUSHMAN & WAKEFIELD MARKETING STOP & SHOP SITE IN SPARTA, N.J.
3.76-Acre Redevelopment/Repositioning Parcel Sits at Key Commuter Intercept
SPARTA, N.J. – April 14, 2011 – (RealEstateRama) — Commercial real estate services firm Cushman & Wakefield, Inc.’s Metropolitan Area Capital Markets Group has been selected to market a 3.76-acre redevelopment/repositioning investment opportunity in Sparta. The site, located at 60 Sparta Ave., currently is improved with a 33,690-square-foot, stand-alone grocery store owned and occupied by Stop & Shop.
Stop & Shop will vacate the premises this fall, having recommitted to the immediate retail neighborhood with the construction of a 69,000-square-foot store less than one mile away. Zoned Town Center Commercial, which allows for general retail uses with the potential for second-floor residential, the resulting infill site at 60 Sparta Ave. is unique.
Sparta’s “main street” corridors generally consist of smaller sites that are less than one-half acre; a parcel of this size within the immediate market could otherwise be accomplished only by an assemblage.
“This site is a gateway coming into town off of Route 15, at a primary commuter intercept,” noted Cushman & Wakefield’s Brian Whitmer, who is handling the assignment with Metropolitan Area Capital Markets Group team members Andrew Merin, Harlan Hollander and Marc Graham. “It presents a compelling opportunity to either reposition the existing box or build something new.”
Cushman & Wakefield is calling for offers by May 5. To date, the team has been approached by a range of potential buyers, including real estate developers, investors, and users such as pharmacies, daycares and health clubs.
“We are not targeting our marketing efforts to any one specific use, and we invite participation from anyone interested in the site,” Merin said. “Ultimately, the buyer with the best and highest use will translate into the buyer with the most appealing offer, making this a win-win for the town and Stop & Shop.”
The 60 Sparta Ave. site is adjacent to a lighted intersection and enjoys good visibility from the 18,500 average daily car count on its two bordering roadways (routes 517 and 118). Also attractive is the affluence of the area with an average household income of $130,000 within a five-mile radius.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group, based in East Rutherford, N.J., specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $14.5 billion worth of transactions since 2000.
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