Bearfort Shopping Village
Retail | 7.33% Cap Rate | 34,154 Sq Ft
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the Bearfort Shopping Village, located at 1632 Union Valley Road in West Milford, New Jersey (the “Property”). The Property is situated at the intersection of Bearfort Road and Union Valley Road, the area’s primary commercial and commuter corridors in the central portion of West Milford. The Bearfort Shopping Village consists of 34,154 square feet spread across two (2) meticulously maintained buildings on a large 11.8-acre parcel of land. The Property offers a charming village-like setting with ample parking, green space and beautiful architectural design throughout. The Bearfort Shopping Village has enjoyed outstanding historical occupancy and is currently 91.46% leased. The Bearfort Shopping Village is home to twenty-two (22) tenants and has three (3) vacant suites.
The well-maintained Property is leased to an attractive mix of retail, boutique, and neighborhood service tenants, many of which have been long-term tenants in Bearfort Shopping Village. The Property is well located just north of the commercial center of West Milford and provides a convenient location for area residents. The Property is positioned in between the town’s two grocery stores, located 0.6-miles north of the Shop Rite anchored center and 1.4-miles south of the Cosmo’s Fresh Market anchored center. These three properties account for the majority of the commercial shopping space in West Milford. The Township of West Milford is a semi-rural community located in the upper portion of Passaic County approximately 40 miles from New York City. West Milford has quick access to all the advantages of the city with the comfort and charm of small-town living.
Investment highlights
THE ASSET: The Bearfort Shopping Village consists of 34,154 square feet spread over two (2) buildings on a large 11.8-acre parcel of land. The Property is comprised of a mix of local tenants and has enjoyed strong historical occupancy throughout the years. The Property offers a charming village-like setting with ample parking, green space and beautiful architectural design throughout.
VERSATILE PROPERTY: The Bearfort Village features a healthy mix of retail, office and professional spaces, offering versatility when selecting prospective tenants. The Property is home to retailers, business and professional offices, and service establishments, restaurants, physical fitness, personal services, and studios for artists, teachers, and musicians.
STRATEGIC RETAIL LOCATION: The Property is situated at the intersection of Bearfort Road and Union Valley Road, the area’s primary commercial and commuter corridor in the central portion of West Milford. The Property is well located just north of the commercial center of West Milford and provides a convenient location for area residents. The Property is positioned in between the town’s two grocery stores, located 0.6-miles north of the Shop Rite anchored center (home to Shop Rite, TJ Maxx, Rite Aid & McDonald’s) and 1.4-miles south of the Cosmo’s Fresh Market anchored center (home to Cosmo’s Fresh Market, Tractor Supply Co, and Dollar General). These three properties account for the majority of the commercial shopping space in West Milford.
EXCELLENT FRONTAGE, VISIBILITY & ACCESS: The Bearfort Village Shopping Center offers excellent visibility and frontage along the heavily travelled Union Valley Road. The property further benefits from multiple access points and prominent signage.
RETAIL TRADE AREA: Prominent retailers attracting consumers to the immediate trade area include Shop Rite, Cosmo’s Fresh Market, Tractor Supply Co, TJ Maxx, Walgreens, Rite Aid, Dollar General, McDonald’s, Dunkin’, Wells Fargo, Lakeland Bank, and Columbia Bank.
STRONG DEMOGRAPHICS: Over 22,800 people live within 5-miles of the Property with an average household income of $169,610. More than 125,000 people live within 10-miles of the Property.
TRAFFIC COUNTS: On average, more than 9,400 vehicles pass the Bearfort Village Shops daily along Union Valley Road.
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