Commercial real estate firm Gebroe-Hammer Associates recently announced it brokered the sale of two retail centers totaling 116,500 square feet in Wayne and Waldwick.
Gebroe Vice President Greg Pine exclusively represented the seller and procured the buyers, The Klein Group and UB Waldwick I LLC.
“Recent news coverage might lead the general population to think retailers are in a slow decent, when in fact quite a number of brands — from grocery stores to resellers and gyms — are actually expanding, particularly in historically strong submarkets such as Bergen and Passaic counties,” Pine said. “Both West Belt Plaza and Waldwick Shopping Plaza are well-located top performers, with a diverse tenant roster and a nice balance of consumer products and lifestyle services.”
West Belt Plaza, located along Route 23, is a 90,000-square-foot, 16-storefront retail center anchored by Home Goods and PetSmart.
Waldwick Shopping Plaza, located at 26 Franklin Turnpike, is a 12-storefront, 26,500-square-foot retail center occupied by Massage Envy, Little Gym and others.
“Retail properties are undergoing their own adaptation phase as consumers steer from buying goods in bricks-and-mortar stores to more experiential spending,” Pine said. “Restaurants, spas and fitness are now more likely to draw shoppers, and this is not expected to change over the course of the next few years. As a result, retail landlords are seeking to attract service-oriented tenants that fit with contemporary consumer tastes.”