NAI James E. Hanson Named Exclusive Broker for 133,032-Square-Foot Retail Power Center in Riverdale, New Jersey
NAI James E. Hanson, widely recognized as the largest New Jersey-based full-service independent commercial real estate firm, has announced it has been appointed as the exclusive brokerage for 110 Route 23 in Riverdale, New Jersey. The assignment places the firm at the center of one of the most compelling retail investment opportunities currently available in the northeastern New Jersey market. Jonathan Kristofich and John Schilp, both seasoned commercial real estate professionals at NAI James E. Hanson, will lead the marketing efforts for the property and work to procure a qualified buyer for this high-visibility asset.
A Prime Location at the Heart of Northeastern Morris County
Situated near the strategically significant intersection of Route 23 and Interstate 287 in northeastern Morris County, 110 Route 23 occupies a 14.51-acre parcel that forms a key component of Riverdale Plaza, a well-established and highly trafficked retail power center. The property's positioning along one of northern New Jersey's most traveled commercial corridors gives it exceptional visibility and access that few retail investments in the region can match.
Interstate 287 serves as a major artery connecting Morris, Passaic, and Bergen counties, making 110 Route 23 easily reachable for a broad and diverse consumer base. This built-in accessibility translates directly into consistent foot traffic and retail sales performance — two factors that remain critical metrics for investors evaluating net-leased retail properties in today's market.
Long-Term National Tenants Anchor the Property's Investment Appeal
One of the most compelling aspects of 110 Route 23 as an investment opportunity is the quality and stability of its in-place tenant roster. The 133,032-square-foot property has been leased to two nationally recognized retail brands since its construction in 1998, providing an investor with a track record of occupancy that spans nearly three decades.
BJ's Wholesale Club occupies the property under a triple-net lease structure. As one of the leading warehouse club operators in the eastern United States, BJ's has built a strong reputation for delivering consistent value to its members, routinely offering savings of 25% or more on groceries, general merchandise, and a wide variety of ancillary products. The warehouse club format continues to demonstrate resilience across economic cycles, making BJ's a highly sought-after anchor tenant in retail real estate transactions.
Staples, the internationally recognized office supply and workspace products retailer, holds a double-net lease at the property. With a product offering that spans furniture, technology, cleaning supplies, and traditional office essentials, Staples maintains relevance with both individual consumers and business customers. As hybrid and remote work arrangements continue to influence consumer behavior, Staples' product lines remain in steady demand.
Shadow Anchors Amplify the Property's Retail Draw
Beyond its direct tenants, 110 Route 23 benefits significantly from its position within the broader Riverdale Plaza retail ecosystem. The active power center is shadow-anchored by two of the most powerful names in American retail: Home Depot and Target. These shadow anchors generate substantial traffic to the surrounding retail environment, reinforcing the destination appeal of the property and supporting the long-term performance of its tenants.
Shadow anchoring by major big-box retailers is a well-documented driver of retail real estate value. Shoppers drawn to a Home Depot or Target visit will frequently shop at neighboring establishments during the same trip, creating a synergistic environment that benefits every tenant in the center. For investors, this dynamic translates into lower vacancy risk and stronger rent sustainability over time.
The Bergen County Blue Laws Factor: A Unique Competitive Advantage
Perhaps one of the most distinctive and often-overlooked strengths of 110 Route 23's location is its proximity to Bergen County and the competitive advantage this proximity creates. Bergen County, New Jersey, maintains a set of long-standing "Blue Laws" that prohibit the sale of certain retail categories on Sundays — including electronics, clothing, and furniture. These restrictions push a significant volume of weekend shoppers across the county line in search of unrestricted shopping options.
As a result, 110 Route 23 has become a preferred Sunday shopping destination for Bergen County residents seeking access to the very merchandise categories restricted in their home county. This consistent weekend consumer spillover provides the property — and its tenants — with a reliable and predictable boost in foot traffic that competitors located entirely within Bergen County simply cannot replicate.
Expert Insight from NAI James E. Hanson
Jonathan Kristofich, who is co-leading the marketing assignment alongside John Schilp, spoke directly to the property's investment merits. "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 Kristofich. "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."
This statement underscores several of the core investment themes at play: the property's geographic advantages, its strong and long-standing tenant base, and the firm's confidence in its ability to attract serious buyers in a competitive capital markets environment.
Why 110 Route 23 Stands Out in Today's Retail Investment Landscape
The retail real estate investment market has undergone significant transformation over the past several years, with investors placing increasing emphasis on credit tenant quality, lease structure, and location fundamentals. 110 Route 23 checks all three boxes with notable strength:
- Credit Tenancy: Both BJ's Wholesale Club and Staples are nationally recognized brands with established operating histories and broad consumer followings, offering investors a level of credit quality that supports stable cash flow projections.
- Favorable Lease Structures: The combination of a triple-net lease with BJ's and a double-net lease with Staples limits landlord expense exposure and creates a relatively predictable income stream — a feature that appeals particularly to institutional and private equity buyers seeking low-management retail assets.
- Location Fundamentals: The intersection of Route 23 and I-287, situated in Morris County with easy access to Passaic and Bergen counties, places this asset in a high-density trade area with strong demographic characteristics and enduring retail demand.
- Power Center Context: As a component of Riverdale Plaza and as a neighbor to Home Depot and Target, the property benefits from the gravity of an established retail node that continues to attract shoppers from a wide geographic draw.
About NAI James E. Hanson
NAI James E. Hanson is New Jersey's largest full-service independent commercial real estate firm and a trusted name in the region's property markets. The firm provides a comprehensive range of services spanning brokerage, property management, and investment advisory across all major commercial asset classes. With deep local market knowledge and strong national connections through the NAI Global network, NAI James E. Hanson is well-positioned to deliver results for both buyers and sellers in transactions of all sizes and complexity.
For investors and developers looking to stay informed on the latest commercial real estate listings and market developments from NAI James E. Hanson, the firm maintains an active presence on Facebook, Twitter, and LinkedIn, where regular updates on transactions, market insights, and new assignments are shared.
As the exclusive marketing assignment for 110 Route 23 moves forward, the commercial real estate community will be watching closely. With two established national tenants, a blue-law-driven competitive moat, and a location at one of northern New Jersey's most accessible retail intersections, this property represents a rare opportunity to acquire a well-seasoned, income-producing retail asset in a fundamentally strong market.