Hoboken-based development firm JDA Group LLC (JDA) has expanded into the Bergen County retail real estate market with the acquisition of 2215 Route 4 East in Fort Lee, New Jersey. The nearly half-acre site features an 1,800-square-foot retail building fully occupied by a Starbucks Coffee store and a freestanding Bank of America ATM kiosk; both offer drive-through service.
JLL’s J.B. Bruno, director, Capital Markets, orchestrated the $5.55 million, off-market transaction for both the buyer and seller. The seller, 2215 Route 4 Associates, an affiliate of Moonachie, New Jersey-based Weiss Realty Co. Inc., was additionally represented by William Fiore of Newark, New Jersey law firm Meyner and Landis.
“This deal is an exciting step for our company,” said JDA 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.”
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.