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  • Writer's pictureMAREJ

JLL Capital Markets arranges the sale of the 90,945 s/f West Falls Plaza in Woodland Park, NJ

Woodland Park, NJ — JLL Capital Markets has closed the $18 million sale of West Falls Plaza, a 90,945 s/f neighborhood shopping center in Woodland Park.

JLL represented the seller and also procured the buyer, an affiliate of Northeast Capital Group.

Located at 1730 Rte. 46, West Falls Plaza is set in a dominant retail hub within the heart of the Passaic Rte. 46/23 submarket. National and regional retailers in the submarket include Home Depot, Best Buy and Petco, while neighboring centers, such as Plaza 46 (anchored by Kohl’s) complement the property’s tenant mix and increase drawing power. The property is less than ten miles from several major highways, including I-80, the Garden State Parkway and I-287. Within three miles of the center is a population of 125,000 and an average household income of over $125,000.

The JLL team that represented the seller was led by Jose Cruz, J.B. Bruno, Kevin O’Hearn & Michael Zlotnick.

“The center’s location and future upside potential were the two drivers that investors focused on during the marketing. The capital markets, from both a debt and equity perspective, are reacting favorably to retail, as well,” said Cruz.

In other JLL news, Dean Sands has joined the firm’s Retail Investment sales and advisory team as a managing director in the Washington, DC office.

Sands will report to senior managing directors and co-heads of JLL’s Washington, DC office, Andrew Weir and Jamie Leachman.

“We are thrilled to have Dean join JLL in our DC office,” said Weir and Leachman. “He is bringing a wealth of knowledge in the retail landscape and will be a valuable resource to both our team and clients in this role.”

Sands will join managing directors Jordan Lex and Bill Moylan, as well as director Danny Naughton, in a move to establish a deep bench of retail capital markets advisors serving the Mid-Atlantic region.

“We look forward to Dean joining the team and leveraging his significant retail experience, expertise and relationships to better serve our clients,” added Lex.

Sands was previously a principal at Avison Young, where he concentrated on retail investment sales for two years. Prior to joining Avison Young, Sands spent almost 18 years with Eastdil Secured, beginning as an analyst in 2002 and ultimately becoming a director with a focus on office and retail transactions.


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