NAI James E. Hanson Named Exclusive Broker for Major 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 a significant new listing assignment. The firm has been named the exclusive brokerage for 110 Route 23 in Riverdale, New Jersey — a 133,032-square-foot component of Riverdale Plaza, one of the region's most prominent retail power centers. The marketing effort will be led by NAI James E. Hanson's Jonathan Kristofich and John Schilp, two seasoned professionals with deep expertise in New Jersey's competitive commercial real estate landscape.
A Strategic Property in the Heart of Morris County
Situated on 14.51 acres near the intersection of Route 23 and Interstate 287 in northeastern Morris County, 110 Route 23 represents a rare opportunity in today's retail investment market. The property's location alone makes it one of the most accessible retail destinations in the region, drawing customers from Morris, Passaic, and Bergen counties. Interstate 287 serves as a critical corridor connecting these densely populated areas, ensuring steady and diverse foot traffic throughout the week.
The asset is part of Riverdale Plaza, a large active retail power center that is shadow-anchored by two nationally recognized retail giants — Home Depot and Target. This shadow-anchored status adds enormous value to the property, as these destination retailers drive significant consumer traffic to the broader plaza, ultimately benefiting every tenant within the center's ecosystem.
Long-Term National Tenants Provide Stable Investment Foundation
One of the most compelling aspects of 110 Route 23 is its existing, long-term lease structure with two high-profile national tenants. The property has been triple-net leased to BJ's Wholesale Club and double-net leased to Staples since its construction in 1998 — a testament to the location's enduring commercial appeal and operational stability.
BJ's Wholesale Club: A Proven Retail Anchor
BJ's Wholesale Club is a leading warehouse club operator with a well-established reputation for delivering outstanding value to its members. The brand is consistently recognized for offering savings of 25% or more on groceries, general merchandise, and a wide range of ancillary products. As a membership-based retailer, BJ's attracts a loyal and repeat customer base, making it an exceptionally reliable anchor tenant for any retail property. The triple-net lease structure — in which the tenant is responsible for property taxes, insurance, and maintenance — further reduces risk for the property owner and makes this an attractive proposition for prospective investors.
Staples: A Leader in Workspace and Office Solutions
Staples, co-tenanting the property under a double-net lease, is an industry leader in office supply retail and workspace solutions. From traditional office supplies and furniture to cutting-edge technology products and cleaning supplies, Staples serves a broad spectrum of customers ranging from individual consumers to large corporations. The brand's consistent presence in the market and its adaptability in offering both in-store and online retail experiences have helped it maintain its position as a go-to destination for workspace needs. The double-net lease arrangement provides a solid and predictable income stream for the property owner, adding to the investment's overall appeal.
The Bergen County Blue Laws Advantage
Beyond its physical location and tenant mix, 110 Route 23 benefits from a unique regional dynamic that significantly amplifies its commercial value: Bergen County's Blue Laws. These longstanding regulations prohibit the sale of certain retail items on Sundays in Bergen County, including electronics, clothing, and furniture. As a result, residents from Bergen County — one of the most populous and affluent counties in New Jersey — regularly travel to neighboring Morris County to complete retail purchases that would otherwise be unavailable to them on the weekend.
This cross-county shopping behavior transforms Riverdale into a preferred Sunday shopping destination for a substantial portion of Bergen County's consumer population. For an investor, this means that 110 Route 23 captures not just its primary trade area but also a significant secondary market driven entirely by regulatory geography. It is a structural advantage that no amount of marketing or tenant improvement can replicate, and it sets this property apart from virtually any competing retail investment in the broader New York metropolitan area.
What Makes 110 Route 23 an Ideal Retail Investment Today
In the current commercial real estate environment, where retail investors are increasingly focused on stability, credit-worthy tenants, and strategic location, 110 Route 23 checks every box. Jonathan Kristofich captured the sentiment well: "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." The property offers investors a turnkey opportunity to acquire a well-leased, strategically positioned retail asset without the leasing risk that often accompanies retail acquisitions.
- High-traffic location at the nexus of Route 23 and Interstate 287, ensuring maximum consumer exposure and accessibility from multiple counties.
- Long-standing national tenants with BJ's Wholesale Club and Staples providing reliable, contractually structured income streams since 1998.
- Shadow-anchoring by Home Depot and Target, driving consistent destination traffic to the broader Riverdale Plaza retail ecosystem.
- Bergen County Blue Laws advantage, generating supplemental demand from one of New Jersey's most affluent and densely populated counties every Sunday.
- Favorable net lease structures, with a triple-net lease for BJ's and a double-net lease for Staples, minimizing landlord obligations and maximizing net operating income predictability.
About NAI James E. Hanson
NAI James E. Hanson has long been a cornerstone of New Jersey's commercial real estate industry. As the largest New Jersey-based full-service independent commercial real estate firm, the company brings unparalleled local market knowledge combined with the global reach of the NAI network. From office and industrial properties to retail centers and investment sales, NAI James E. Hanson consistently delivers results for clients across the full spectrum of commercial real estate services.
The firm's decision to assign Jonathan Kristofich and John Schilp to lead the marketing of 110 Route 23 reflects its commitment to pairing high-profile listings with experienced professionals who understand the nuances of the regional market. Kristofich expressed the firm's enthusiasm for the assignment: "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 for Retail Investors
As retail real estate continues to evolve in the post-pandemic era, well-located, credit-tenanted properties remain among the most sought-after investment vehicles in commercial real estate. The combination of essential retail tenants, a strategic location, structural demand drivers like the Bergen County Blue Laws, and favorable lease structures makes 110 Route 23 in Riverdale, New Jersey a standout opportunity. Investors looking for stable, income-producing retail assets in the New York metropolitan area would be well-advised to take notice of this listing. With NAI James E. Hanson at the helm of marketing efforts, the property is positioned to attract strong interest from a wide range of qualified buyers.