Vision Real Estate buys Saddle Brook shopping center
Vision Real Estate Partners has acquired 55-75 Mayhill St., a neighborhood shopping center comprised of two buildings, totaling 119,000 square feet in Saddle Brook, announced Sam Morreale, founder and managing partner.
The 12-acre site is anchored by a 62,000-square-foot A&P supermarket and is approved for an additional 12,000 square feet of retail space.
Additionally, the site has 45,000 square feet of near-term availability, which can be leased as a single unit or divided into multiple units.
Buyer Vision Real Estate Partners and the seller were represented in the transaction by Jose Cruz of Holliday Fenoglio Fowler (HFF) in Florham Park.
Jon Mikula of HFF worked on behalf of Vision Real Estate Partners to secure acquisition financing through Oritani Bank.
"We’re pleased to have been able to complete this transaction and add this well-located property to our portfolio," said Morreale. "This is a core in-fill location in Bergen County’s dynamic retail market, with very strong demographics."
Constructed between 1998 and 2000, the site also offers almost 800 parking spaces.
It is situated between I-80 and the Garden State Parkway, with visibility from busy Market Street in Saddle Brook, and is less than 10 miles from the George Washington Bridge. The population within a three-mile radius totals more than 252,000 with an average household income of over $75,000.
"The location and demographics speak for themselves," said Morreale.
Vision Real Estate Partners, headquartered in Mountain Lakes, is well-known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets.
Its high-profile projects include the recently redeveloped and rebranded Crossings at Jefferson Park office campus in Whippany and 67 Whippany Road in Whippany, where the firm developed Bayer’s new East Coast headquarters and has broken ground on the new global headquarters for MetLife Investments.