NAI James E. Hanson Appointed Exclusive Broker for Major Retail Power Center in Riverdale, New Jersey
In a significant development for New Jersey's commercial real estate market, NAI James E. Hanson — the largest New Jersey-based, full-service independent commercial real estate firm — has announced its appointment as the exclusive brokerage for 110 Route 23 in Riverdale, New Jersey. The assignment places two of the firm's accomplished brokers, Jonathan Kristofich and John Schilp, at the helm of marketing efforts for this strategically positioned retail asset. With a robust tenant roster, superior highway accessibility, and a well-established trade area, the listing is already generating considerable attention among institutional and private investors seeking stable, income-producing retail properties in the northeastern United States.
Property Overview: A Premier Retail Destination in Morris County
Situated near the high-traffic intersection of Route 23 and Interstate 287 in northeastern Morris County, 110 Route 23 represents a 14.51-acre parcel encompassing 133,032 square feet of retail space. The property is a key component of Riverdale Plaza, a large and well-established retail power center that has served the surrounding tri-county region for decades. Since its construction in 1998, the site has maintained a strong occupancy record underpinned by two nationally recognized tenants operating under favorable lease structures.
The property is triple-net leased to BJ's Wholesale Club, one of the leading warehouse club operators in the eastern United States. BJ's has built its reputation on consistently delivering savings of 25% or more on groceries, general merchandise, and ancillary products to its membership base — making it a powerful traffic driver for any retail center it anchors. In addition, the property is double-net leased to Staples, the nationally recognized office supply retailer and industry leader in workspace products ranging from furniture and technology to cleaning supplies and traditional office essentials. Together, these two tenants provide investors with predictable, long-term cash flow backed by established corporate guarantors.
Strategic Location Driving Wide Trade Area Coverage
One of the most compelling aspects of 110 Route 23 is its exceptional geographic positioning. The property benefits from immediate access to Interstate 287, one of New Jersey's most heavily traveled commuter and commercial corridors. This connectivity gives the site a remarkably wide trade area draw, pulling consumer traffic from Morris, Passaic, and Bergen counties with ease.
Perhaps most noteworthy is the property's appeal to Bergen County shoppers. Bergen County is one of the few remaining jurisdictions in the United States that enforces so-called "Blue Laws," which prohibit the sale of certain retail categories on Sundays — including electronics, clothing, and furniture. This regulatory environment effectively redirects a substantial volume of consumer spending from Bergen County residents toward neighboring areas on Sundays, with Riverdale Plaza serving as a natural beneficiary. For investors, this means the property enjoys a structural competitive advantage that is unlikely to erode in the near term.
Shadow Anchors Add Further Stability and Foot Traffic
Beyond its primary tenants, 110 Route 23 benefits from the proximity of two of the country's most powerful retail shadow anchors: Home Depot and Target. Both brands are dominant in their respective categories and are proven generators of consistent consumer foot traffic. Shadow anchoring from national big-box retailers of this caliber enhances the overall shopping experience at Riverdale Plaza, supports co-tenancy value, and helps sustain the site's position as a preferred retail destination for a wide regional population.
This combination of in-place national tenants, shadow anchoring, and Blue Law-driven demand from Bergen County creates a multi-layered value proposition that is rare in today's retail investment landscape.
What Makes This Listing Stand Out in Today's Retail Investment Market
The current commercial real estate environment rewards properties that offer resilience, income stability, and geographic advantages. 110 Route 23 checks all three boxes. Consider the following highlights:
- Long-established tenancy: Both BJ's Wholesale Club and Staples have occupied the property since its construction in 1998, reflecting deep-rooted operational commitments to this location.
- Net lease structures: Triple-net and double-net lease arrangements shift the majority of operating expenses to tenants, reducing landlord overhead and improving net income predictability.
- Interstate highway access: Direct connectivity to I-287 ensures consistent consumer traffic from a multi-county catchment area exceeding several hundred thousand residents.
- Blue Law demand capture: Bergen County's Sunday retail restrictions create a recurring, legislatively-driven demand spike that benefits Riverdale Plaza each week.
- Power center ecosystem: Proximity to Home Depot and Target adds critical mass to the shopping environment, attracting cross-shopping traffic and increasing dwell time.
- Established trade area: More than two decades of operation have entrenched the property as a go-to retail hub for Morris and surrounding county residents.
NAI James E. Hanson's Role and Market Expertise
As New Jersey's largest independent full-service commercial real estate firm, NAI James E. Hanson brings deep local market knowledge, an extensive investor network, and a proven track record across retail, industrial, office, and investment sales assignments. The selection of Jonathan Kristofich and John Schilp to lead the 110 Route 23 marketing effort reflects the firm's commitment to pairing high-profile listings with experienced professionals who understand both the asset class and the regional investment community.
"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 encapsulates the market sentiment well. In an era where many retail assets face headwinds from e-commerce and shifting consumer habits, grocery-adjacent and warehouse-club-anchored centers have demonstrated sustained resilience. Properties like 110 Route 23, which combine essential retail with net lease income, continue to command strong investor interest across the country.
Investment Outlook: Why Retail Power Centers Remain Attractive
Despite years of headlines predicting the demise of brick-and-mortar retail, well-located power centers anchored by necessity and value-driven retailers have proven their durability. BJ's Wholesale Club, in particular, has experienced consistent membership growth and sales expansion, positioning it among the most sought-after anchor tenants in the retail net lease sector. Staples, meanwhile, has undergone a significant business transformation, shifting focus toward serving small and medium-sized businesses — a strategy that has helped stabilize its physical store footprint.
For investors seeking reliable income, minimal management responsibilities, and long-term capital preservation, a property like 110 Route 23 — with its established tenants, strong demographics, and built-in demand drivers — represents a compelling acquisition opportunity in today's market.
How to Learn More About 110 Route 23 in Riverdale, NJ
Prospective buyers, investors, and market observers interested in 110 Route 23 at Riverdale Plaza are encouraged to contact NAI James E. Hanson directly through its official website or by reaching out to listing brokers Jonathan Kristofich and John Schilp. For ongoing updates on this and other transactions, NAI James E. Hanson maintains active presences on Facebook, Twitter, and LinkedIn, where the firm regularly shares market intelligence, new listings, and transaction announcements relevant to New Jersey's commercial real estate community.
As demand for well-positioned, income-generating retail assets continues to outpace supply in major northeastern markets, opportunities like 110 Route 23 are expected to attract significant qualified interest — making early engagement with the listing team an advisable step for serious investors.