Download Word Document: Click Here
Route 4 Location, Drive-Through Design Key Draws for Hoboken-Based Real Estate Development Firm
HOBOKEN, N.J., Sept. 9, 2021 – Hoboken-based development firm JDA Group LLC (JDA) has announced its expansion into the Bergen County retail real estate market with the acquisition of 2215 Route 4 East in Fort Lee. The nearly half-acre site features a 1,800-square-foot retail building fully occupied by a Starbucks Coffee store and a free-standing Bank of America ATM kiosk; both offer drive-through service.
JLL’s J.B. Bruno, director, Capital Markets, based in the commercial real estate services firm’s Morristown, N.J., office, orchestrated the $5.55 million, off-market transaction for both the buyer and seller. The seller, 2215 Route 4 Associates, an affiliate of Moonachie, N.J.-based Weiss Realty Co. Inc., was additionally represented by William Fiore of Newark, N.J., law firm Meyner and Landis.
“This deal is an exciting step for our company,” said JDA’s CEO, Greg Dell’Aquila. “In addition to giving us a great opportunity to acquire our first stand-alone retail property in Northern New Jersey, it adds two national, credit-rated tenants to our expanding portfolio – a move aligned with our vision for future growth.”
“2215 Route 4 presented a rare opportunity for JDA to acquire a net leased asset with strong tenancy in an unmatched location,” JLL’s Bruno added. “It was a pleasure working alongside our buyer and seller to consummate the sale.”
Strategically situated on the eastbound side of one of the region’s most heavily trafficked thoroughfares, 2215 Route 4 is the last convenience stop for Manhattan-bound travelers before they cross the George Washington Bridge. Developed in 2008 by Jaime M. Weiss with the commuter lifestyle in mind, the dine-in Starbucks features a drive-through window, and the separate Bank of America ATM kiosk is designed to serve on-the-go customers. Both tenants are committed to the property.
Timothy Connell, V.P. of JDA, noted that the property’s prime location and convenience were key considerations. “Drive-through service has long been a desirable feature of highway retail,” he said. “Further, over the past 18 months as the sector has been put to the test, this pandemic-proof design has afforded tenants the ability to operate successfully and safely under the most challenging of environments.”
JDA Group’s Real Estate Focus
JDA Group is known for its results-oriented approach to real estate ownership, with a development and management track record of successful, ground-up multifamily and commercial adaptive-reuse projects, and more than 100 office tenant build-outs over the past 20 years.
One of its prominent buildings is the Mission 50 office and coworking community in Hoboken, N.J. In planning is The Boundary, a 500,000-square-foot vertical mixed-use community spanning the Hoboken-Jersey City line designed to revitalize a former industrial neighborhood. The project will combine multifamily residential, office and medical office space, multipurpose event space, and more than 51,000 square feet of destination retail.