NAI James E. Hanson Named Exclusive Broker for 133,032-Square-Foot Retail Power Center in Riverdale, New Jersey
One of New Jersey's most prominent commercial real estate firms is making headlines once again. NAI James E. Hanson, widely recognized as the largest New Jersey-based full-service independent commercial real estate brokerage, has been named the exclusive listing agent for 110 Route 23 in Riverdale, New Jersey. The assignment involves a significant retail asset: a 133,032-square-foot component of Riverdale Plaza, a well-established retail power center serving one of the state's most strategically connected suburban corridors. Jonathan Kristofich and John Schilp of NAI James E. Hanson will lead the marketing efforts for the property.
A Prime Retail Asset in the Heart of Morris County
Situated on 14.51 acres near the high-traffic intersection of Route 23 and Interstate 287 in northeastern Morris County, 110 Route 23 represents a compelling opportunity for retail real estate investors. The property forms a key component of Riverdale Plaza, a large-format retail destination that draws shoppers from a broad and affluent regional trade area. Its positioning at one of northern New Jersey's most traveled interchange zones ensures both exceptional visibility and consistent consumer traffic throughout the year.
The property benefits from long-standing tenancy by two nationally recognized retailers. BJ's Wholesale Club has held a triple-net lease at the location since the property's construction in 1998, making it one of the anchor tenants that define the center's identity and appeal. BJ's is a leading warehouse club operator with a strong consumer following, consistently delivering savings of 25% or more on groceries, general merchandise, household essentials, and ancillary products. The warehouse club format has proven remarkably resilient across economic cycles, making BJ's a particularly attractive tenant from an investment standpoint.
Staples, the well-known office supply retailer and industry leader in workspace products — including furniture, technology, cleaning supplies, and traditional office goods — occupies the property under a double-net lease, also in place since 1998. With decades of uninterrupted tenancy, both leases signal strong locational performance and underpin the asset's income stability for any prospective buyer.
Shadow Anchors Add Significant Retail Draw
Beyond its in-place tenants, 110 Route 23 benefits from powerful shadow anchoring by two of America's most recognizable big-box retailers: Home Depot and Target. Shadow anchors play a vital role in the performance of retail power centers by generating high-frequency consumer traffic that spills over to neighboring tenants. The presence of Home Depot and Target within the Riverdale Plaza complex reinforces the center's role as a dominant retail destination in the region, driving sustained foot traffic and maintaining the site's relevance in an increasingly competitive retail landscape.
Unmatched Regional Accessibility and Trade Area Coverage
One of the most compelling features of 110 Route 23 is its extraordinary regional accessibility. The property's proximity to Interstate 287 — a major east-west arterial corridor — gives it direct connectivity to Morris, Passaic, and Bergen counties, three of New Jersey's most populous and economically active counties. This positions the center to draw shoppers from an unusually wide geographic catchment area, extending well beyond the immediate Riverdale market.
A particularly noteworthy aspect of the property's trade area dynamics involves Bergen County's Blue Laws. These longstanding regulations prohibit the retail sale of certain categories of goods on Sundays, including electronics, clothing, and furniture. As a result, Bergen County residents who wish to shop for these items on Sundays routinely travel into neighboring Morris County — and specifically to destinations like Riverdale Plaza — making 110 Route 23 a natural beneficiary of this cross-county consumer migration. This regulatory dynamic provides an inherent and recurring traffic advantage that few retail properties in the region can claim.
Why This Listing Matters to Retail Real Estate Investors
In the current commercial real estate environment, net-leased retail properties with strong national tenants are among the most sought-after investment vehicles available. The combination of long-term leases, creditworthy tenants, strategic location, and measurable trade area advantages makes 110 Route 23 a particularly attractive candidate for a wide range of buyers — from private investors and family offices to institutional capital seeking stable, income-generating retail assets in the Northeast.
- Stable, long-term income: Both BJ's Wholesale Club (triple-net) and Staples (double-net) have been tenants since 1998, providing over two decades of demonstrated performance and lease durability.
- National tenant credit: Both occupants are nationally recognized brands with established credit profiles, reducing risk for prospective buyers.
- Strong shadow anchoring: Home Depot and Target provide consistent, high-volume traffic to the power center, supporting the overall retail ecosystem.
- Exceptional accessibility: Direct access via Route 23 and Interstate 287 connects the site to millions of consumers across Morris, Passaic, and Bergen counties.
- Blue Law advantage: Bergen County's Sunday retail restrictions generate predictable cross-county shopping traffic that benefits Riverdale Plaza tenants every week.
- Sizable land position: At 14.51 acres, the property offers meaningful scale and physical presence within the power center environment.
NAI James E. Hanson's Expertise in New Jersey Retail Brokerage
NAI James E. Hanson has built its reputation through decades of full-service commercial real estate expertise across New Jersey's diverse markets. As the largest independent commercial real estate firm headquartered in the state, the firm brings unparalleled local market knowledge, an extensive investor network, and a proven track record of executing complex retail transactions. The assignment of 110 Route 23 to NAI James E. Hanson reflects the confidence the seller has placed in the firm's ability to attract qualified buyers and execute the transaction at optimal terms.
"110 Route 23's combination of accessibility, visibility and in-place leases with two national tenants make it an ideal retail property in the current market," said Jonathan Kristofich, who will co-lead the marketing assignment alongside John Schilp. "We're honored to represent the seller in the assignment, and we look forward to procuring a purchaser for this fantastic piece of real estate."
A Rare Opportunity in Northern New Jersey's Retail Investment Market
Retail power centers anchored by national tenants and supported by strong shadow anchors are increasingly difficult to find in the current market — particularly those that combine long-standing leases, exceptional highway visibility, and the kind of Blue Law-driven competitive advantage that 110 Route 23 uniquely offers. For investors seeking durable retail income in one of the country's most densely populated and economically robust suburban markets, this listing deserves close attention. With NAI James E. Hanson leading the sales effort, the property is positioned to attract significant interest from qualified buyers across the retail investment spectrum.