Morristown, N.J. (November 15, 2016) – NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announced it has brokered the sale of the 22,000-square-foot grocery store located at 110 Washington Street in Morristown, N.J. to E&H Members, LLC. NAI Hanson’s Scott K. Perkins, SIOR, Greg James and Chris Todd represented the buyer in the sale. The building is fully leased to Whole Foods with a long-term agreement in place.
Located off a direct train line into New York City and easily accessible via Routes 287, 80 and 24, Morristown has seen a residential and commercial resurgence in the last decade with multiple new multi-use buildings currently under construction. 110 Washington Street’s previous tenant was a 40-year-old A&P grocery store that had seen declining profits for many years until its eventual closing in 2013. The town’s changing demographics and customer needs made a Whole Foods at this location an ideal tenant.
The Morristown Whole Foods, which opened in 2015, is part of the chain’s rapid expansion into New Jersey in recent years. Operating two stores in Morris County and 13 in the state with several new stores on the way in the next few years, Whole Foods has become an important part of the commercial fabric of the Garden State.
Morristown Whole Foods is within walking distance to the town’s commercial and residential hub, The Green, and has become a focal point of the continued redevelopment of the area. E&H Members had previously owned a mixed-use building in New York City and were searching for a steady and reliable investment in a growing market. The store’s profile and 19 years remaining on the lease represented an ideal opportunity for them.
“NAI Hanson always looks to match our clients with investments that suit their needs perfectly,” said Perkins. “E&H Members came to us in a need of a 1031 exchange. We provided a number of NNN properties that would require little or no maintenance. The Whole Foods in Morristown was the perfect fit with stable cash flow and a nationally known, credit worthy tenant.”
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About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with 400 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.