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 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, a thriving retail power center in northeastern Morris County. The marketing efforts will be led by NAI James E. Hanson's seasoned brokers Jonathan Kristofich and John Schilp, two professionals with deep roots in New Jersey's competitive commercial real estate market.
This listing represents one of the more compelling retail investment opportunities to come to market in northern New Jersey in recent years. With strong national tenants already in place, a strategically advantageous location, and a property history stretching back to 1998, 110 Route 23 presents investors with a rare combination of stability and upside potential.
Property Overview: A Well-Positioned Retail Asset
Situated on 14.51 acres near the intersection of Route 23 and Interstate 287, 110 Route 23 occupies a premier position within Riverdale Plaza. The site has been continuously occupied since its construction in 1998, a testament to the enduring demand for quality retail space in this corridor of Morris County.
The property currently hosts two major national retailers operating under long-standing lease agreements:
- BJ's Wholesale Club — operating under a triple-net lease, BJ's is a leading warehouse club operator known for offering members 25% or more in savings on groceries, general merchandise, and ancillary products. The brand commands strong consumer loyalty and consistent foot traffic across its locations.
- Staples — operating under a double-net lease, Staples is an industry leader in workspace solutions, offering everything from traditional office supplies and furniture to technology products and cleaning supplies. The company has remained a dominant force in both its brick-and-mortar and digital retail channels.
Beyond its in-place tenants, the property benefits immensely from its position within a larger power center ecosystem. Home Depot and Target serve as shadow anchors, drawing consistent and high-volume consumer traffic to the broader Riverdale Plaza corridor. This concentration of nationally recognized brands creates a self-reinforcing retail environment that benefits every tenant and ownership stake within the center.
Location Advantages: Accessibility, Visibility, and Regional Draw
In commercial real estate, location remains the single most determinative factor in long-term asset performance — and 110 Route 23 delivers on every front. The property sits near the convergence of Route 23 and Interstate 287, one of the most trafficked arterial corridors in the region. This positioning grants exceptional accessibility to residents and commuters across Morris, Passaic, and Bergen counties, three of New Jersey's most densely populated and economically active counties.
The site's visibility from major roadways ensures consistent organic foot traffic, while its proximity to I-287 allows the property to draw customers from a wide and economically diverse trade area. For retail investors, this kind of regional accessibility translates directly into tenant demand, lease renewal rates, and long-term asset appreciation.
The Bergen County Blue Laws Effect: A Unique Demand Driver
One of the more distinctive and often overlooked demand drivers for this property is its geographic relationship to Bergen County. Bergen County is one of the few remaining jurisdictions in the United States that enforces so-called Blue Laws — local ordinances that restrict the sale of certain retail items on Sundays. These restrictions apply to categories including electronics, clothing, and furniture, creating a compelling incentive for Bergen County residents to cross county lines on Sundays to complete their shopping.
110 Route 23 has become a preferred destination for these Sunday shoppers, effectively expanding its trade area well beyond what geography alone might suggest. This recurring, predictable weekend traffic surge adds a layer of commercial performance that is difficult to replicate at other retail locations and represents a meaningful competitive advantage for any investor acquiring this asset.
Investment Highlights: Why This Listing Stands Out
From a pure investment standpoint, 110 Route 23 checks a number of boxes that institutional and private capital alike look for in net-leased retail properties:
- In-place national tenants on long-standing NNN and NN leases provide reliable, low-management income streams with credit-worthy counterparties.
- Shadow anchoring by Home Depot and Target drives co-tenancy synergies and sustained foot traffic that benefit the entire shopping center ecosystem.
- Strategic location at a major highway interchange ensures strong visibility and regional accessibility from multiple counties.
- Unique demand dynamics created by Bergen County Blue Laws produce a recurring secondary consumer base unavailable to competing retail centers.
- Proven long-term occupancy since 1998 demonstrates the property's sustained relevance and operational resilience across multiple economic cycles.
NAI James E. Hanson: A Trusted Name in New Jersey Commercial Real Estate
As the largest New Jersey-based full-service independent commercial real estate firm, NAI James E. Hanson brings unmatched local market expertise to every assignment. The firm's comprehensive service platform spans brokerage, property management, and advisory services across all asset classes — office, industrial, retail, multifamily, and land — giving clients access to deep market intelligence and a broad network of qualified buyers and tenants.
Lead brokers Jonathan Kristofich and John Schilp are well-regarded within the New Jersey commercial real estate community for their transactional expertise and client-first approach. Speaking about the assignment, Kristofich noted, "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. 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."
What This Sale Signals for the New Jersey Retail Market
The decision to bring 110 Route 23 to market reflects broader trends reshaping retail real estate investment across the northeastern United States. Investors have increasingly gravitated toward well-located, net-leased retail assets anchored by essential and value-oriented tenants — precisely the profile this property embodies. BJ's Wholesale Club, in particular, has demonstrated extraordinary resilience across economic downturns, benefiting from consumer preferences that shift toward value-focused retail during periods of economic uncertainty.
As interest in suburban retail corridors continues to grow — driven in part by population shifts and the enduring appeal of accessible, car-friendly shopping destinations — assets like 110 Route 23 are expected to attract strong interest from a wide range of investor profiles, from private equity to family offices and 1031 exchange buyers.
For investors seeking a well-positioned, income-generating retail asset in one of the most dynamic commercial real estate markets in the country, 110 Route 23 in Riverdale, New Jersey represents an opportunity worth serious consideration. Interested parties are encouraged to reach out directly to NAI James E. Hanson through their official channels for additional property details, financial information, and showing requests.