confidential offering memorandum 6 spring valley road
TRANSCRIPT
6 SPRING VALLEY ROAD
PARAMUS, NJ
CONFIDENTIAL OFFERING MEMORANDUM
As exclusive agent, Cushman & Wakefield is pleased to offer
a 100% fee interest in 6 Spring Valley Rd. “the Site” for sale
in Paramus, New Jersey. This offering represents the unique
opportunity to acquire a rare corner-lot commercial site
located along the highly traveled Route 4 at the heart of the
distinguished Paramus retail corridor.
The 0.64-acre site is located in front of the Bergen Town
Center and ideally situated along Route 4, less than 1.0 mile
from the iconic Garden State Plaza, New Jersey’s largest
regional mall and one of the highest producing malls in the
country. The Site is improved with an existing 2-story 6,972
square foot hair salon with 63 asphalt-paved surface parking
spaces. Located only 11 miles from New York City, Paramus’
retail corridor is one of the most upscale and highest grossing
corridors in the country.
EXECUTIVE SUMMARY
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CUSHMAN & WAKEFIELD2
6 SPRING VALLEY
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Premier Redevelopment Opportunity
OUTLETS AT BERGEN TOWN CENTER
6 SPRING VALLEY ROAD | PARAMUS, NJ 3
INVESTMENT HIGHLIGHTS
Unparalleled Demographics
• Population of 560,485 or 7,137.4 persons per square mile within a 5-mile radius of the Site
• Paramus has an average household income of $163,361 and an average home value of $652,550
Exceptional Redevelopment
Opportunity• Frontage along the highly traveled
Route 4 (ADT of ±100,000 vehicles)
• 0.64 acres in the center of New Jersey’s highest grossing retail area
• Rare corner lot provides high visibility by passing traffic
Prime Location & Coveted Zip Code• Located at the heart of prestigious
Bergen County, surrounded by some of the most affluent communities in New Jersey
• Prime location along Northern New Jersey’s premier retail corridor, home to the Garden State Plaza and Paramus Park Mall, two thriving regional malls less than one mile from the Site
• Paramus zip code is the highest grossing in the country, with over $3.7 billion in retail sales per year, despite Blue Laws restricting non-necessity retail shopping on Sundays
YONKERS
PATERSON
INWOOD
HARLEM
TEANECK
PASSAIC
CLIFTON
FORT LEE
FAIR LAWN
BLOOMFIELD
BELLEVILLE
HACKENSACK
UNION CITY
NORTH BERGEN
WEST NEW YORK
LODI
NUTLEY
WYCKOFF
TENAFLY
PARAMUS
MELROSE
SECAUCUS
GARFIELD
FAIRVIEW
WESTWOOD
GLENWOOD
LYNDHURST
RIDGEWOOD
HAWTHORNE
GLEN ROCK
ENGLEWOOD
ARLINGTON
RUTHERFORD
RIVER EDGE
RIDGEFIELD
NEW MILFORD
DOBBS FERRY
BERGENFIELD
HUNTS POINT
SADDLE BROOK
LITTLE FERRY
WOODLAND PARK
LAGUARDIA AIRPORT
NEW YORKCITY
RIDGEFIELD PARK
HASBROUCK HEIGHTS
TETERBOROAIRPORT
EAST RUTHERFORD
NORWOOD
HALEDON
HILLSDALE
OLD TAPPAN
HASTINGS-ON-HUDSON
NEW JERSEY
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BERGEN
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PASSAIC
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WESTCHESTER
HUDSON
QUEENS
ROCKLAND
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CUSHMAN & WAKEFIELD4
Address: 6 Spring Valley Rd., Paramus, NJ 07652
Improvements: 2-story, 6,962 SF Hair Salon, (1st fl.- 5,542 sf, 2nd fl.1,420 sf) 63 parking spaces
Site Size: 0.64 acres / 27,878 SF
Frontage: 245’ along Route 4; 235’ along Spring Valley Rd.
Zoning: HCC – Highway Corridor Commercial
Permitted Uses: Retail, commercial, office, etc.
Utilities: All municipal utilities are available and connected
Financing: To be sold free and clear
SITE DETAILS
Land Assessment (2021): $960,000
Improvements Assessment (2021): $1,540,000
Total Assessment (2021): $2,500,000
2020 Tax Rate: $1.595 per $100 of assessed value
2021 Taxes: $39,875
REAL ESTATE TAXES
SPRING VALLEY RD
S SPRING VALLEY RD
6Spring Valley Rd
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6 SPRING VALLEY ROAD | PARAMUS, NJ 5
BERGEN
MORRIS
SUSSEX
WARREN
HUNTERDON SOMERSET
MERCER MONMOUTH
PASSAIC
ESSEX
HUDSON
UNION
MIDDLESEX
BERGEN
Bergen County is situated in the northeastern
section of New Jersey and consists of 70
municipalities including Paramus, Franklin
Lakes, Alpine, Teterboro, Ho-Ho-Kus, Saddle
River, Upper Saddle River, Hackensack and
Tenafly, amongst others. The county is one
of the most affluent in the nation with an
average household income of $144,137, as
well as the most populous in the state with
over 943,958 residents. Bergen County is
located directly across the Hudson River
from New York City, 25 minutes north
of Newark International Airport and 90
minutes from Philadelphia, which makes it
an attractive location for businesses and
residents alike.
Bergen County is known for its high
quality of life, well-educated labor force,
retail and entertainment destinations,
and concentration of major corporate
headquarters. 14 Fortune 500 companies
are headquartered or have major facilities
(100+ employees) in Bergen County, with
the majority specializing in pharmaceuticals,
telecommunications, high technology and
financial services. The county is bounded
to the north by New York State, to the
south by Hudson & Essex Counties, to the
east by the Hudson River, and to the west
by Passaic County. The favorable location
within the New York City metropolitan
area – approximately equidistant between
Washington D.C. and Boston – provides
convenient access to an excellent network
of north-south highways, including I-95, I-87,
I-287 and the Garden State Parkway. This
regional highway system also offers access
to a large labor pool in nearby Orange and
Rockland Counties in New York.
Bergen County is attractive as it provides a
convenient commute to New York City and
the many employment centers throughout
New Jersey for its residents, 74% of whom
are employed in white collar jobs. This is
due, in part, to the county’s highly educated
workforce with over 51.3% holding a
Bachelor’s Degree or higher.
The county’s municipalities vary from
suburban bedroom communities with single-
family homes lining tree-shaded streets, to
exclusive communities with multiple family
dwellings such as Fort Lee and Edgewater,
with luxury high-rise residential towers
overlooking the banks of the Hudson
River. The county is home to four regional
shopping malls, including the state’s largest,
the Westfield Garden State Plaza.
Bergen County’s healthy economy reflects
the strong demand for retail in the area
and the employment environment is one
of the strongest in the state, with a current
unemployment rate of 13.5%, 160 basis points
below New Jersey’s overall unemployment
rate of 15.1%.
LOCATION & DEMOGRAPHICS
PRESTIGIOUS BERGEN COUNTY
Garden State Plaza
CUSHMAN & WAKEFIELD6
Company Municipality Employment
Hackensack University Medical Center Hackensack 8,000
Valley Health Systems, Inc. Ridgewood 4,660
Bio-Reference Laboratories, Inc. Elmwood Park 2,900
Express Scripts Franklin Lakes 2,800
County of Bergen Hackensack 2,390
Quest Diagnostics, Inc. Teterboro, Lyndhurst 2,200
KPMG LLP Montvale 2,100
Englewood Hospital & Medical Center Englewood 2,002
Englewood Hospital Home Health Care Services Englewood 1,985
Unilever Best Foods Englewood Cliffs 1,900
Stryker Allendale, Mahwah 1,812
Bergen Regional Medical Center Paramus 1,746
Holy Name Hospital Teaneck 1,695
Becton Dickinson and Co. Franklin Lakes 1,500
Crestron Electronics, Inc. Rockleigh 1,500
MAJOR BERGEN COUNTY EMPLOYERS
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6 SPRING VALLEY
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6 SPRING VALLEY ROAD | PARAMUS, NJ 7
Garden State Plaza
Paramus Park
The Outlets at Bergen Town
Center
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144 W. RT 4 6 SPRING VALLEY
ROAD
CUSHMAN & WAKEFIELD8
1 Mile
Radius3 Mile Radius
5 Mile Radius Paramus New Jersey
Population
2020 Estimated Population 12,444 170,566 560,485 27,068 9,100,978
2020 Population Density (PSM) 3,964.2 6,033.9 7,137.4 2,591.5 1,237.5
Income
2020 Average Household Income $144,460 $124,807 $116,507 $163,361 $119,052
%: $100,000 - $149,999 20.3% 19.0% 18.0% 17.8% 17.7%
%: $150,000+ 37.9% 28.2% 24.8% 42.5% 25.1%
Employment
Blue Collar 12.1% 14.8% 20.2% 10.4% 17.6%
White Collar 75.1% 72.0% 65.4% 78.6% 67.8%
Education
%: Bachelor's Degree 30.1% 30.0% 25.4% 33.1% 25.3%
%: Post-Secondary Degree 18.5% 17.4% 14.8% 18.9% 16.4%
DEMOGRAPHIC S
The Outlets at Bergen Town
Center
PARAMUSThe Site’s Paramus zip code positions it in the
largest retail market in New Jersey, a result of
its dense and affluent surrounding population.
Paramus can be accessed via Routes 17 and 4, the
Garden State Parkway, and is just north of I-80 and
the New Jersey Turnpike/I-95. The township has a
population density of 2,591 persons per square mile
and an average household income of $163,361, 37%
higher than the New Jersey average. Paramus is the
highest grossing retail zip code in the country, with
nearly $3.7 billion in retail sales per year.
Major draws to Paramus include the Garden State
Plaza, which is Northern New Jersey’s most famous
shopping landmark. Originally opened in the
1950s as an open air mall, the Garden State Plaza
has grown into a 2.2 MSF super regional mall and
draws shoppers from all over the tri-state area.
The Paramus Park Mall and the recently renovated
Bergen Town Center also offer numerous shopping
alternatives.
The Site is situated in one of the most desirable
locations in Paramus, situated along Route 4, less
than 1.0 miles from the Garden State Plaza. With
high visibility along Route 4 and due to its corner
lot location, the Site draws much attention from a
wide trade area.
6 SPRING VALLEY ROAD | PARAMUS, NJ 9
YONKERS
PATERSON
INWOOD
HARLEM
TEANECK
PASSAIC
CLIFTON
FORT LEE
FAIR LAWN
BLOOMFIELD
BELLEVILLE
HACKENSACK
UNION CITY
NORTH BERGEN
WEST NEW YORK
LODI
NUTLEY
WYCKOFF
TENAFLY
PARAMUS
MELROSE
SECAUCUS
GARFIELD
FAIRVIEW
WESTWOOD
GLENWOOD
LYNDHURST
RIDGEWOOD
HAWTHORNE
GLEN ROCK
ENGLEWOOD
ARLINGTON
RUTHERFORD
RIVER EDGE
RIDGEFIELD
NEW MILFORD
DOBBS FERRY
BERGENFIELD
HUNTS POINT
SADDLE BROOK
LITTLE FERRY
WOODLAND PARK
LAGUARDIA AIRPORT
NEW YORKCITY
RIDGEFIELD PARK
HASBROUCK HEIGHTS
TETERBOROAIRPORT
EAST RUTHERFORD
NORWOOD
HALEDON
HILLSDALE
OLD TAPPAN
HASTINGS-ON-HUDSON
NEW JERSEY
NE
W Y
OR
K
PA
LISA
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Hud
son
Riv
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East River
BERGEN
BRONX
PASSAIC
ESSEX
WESTCHESTER
HUDSON
QUEENS
ROCKLAND
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80
80
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MAJOR ROADWAYS
4 Route 4 – (Site is located along) is a state highway in Bergen and Passaic
Counties that stretches nearly 11 miles from Route 20 in Paterson to an
interchange with Interstate 95, U.S. Route 1/9, U.S. Route 46, and U.S. Route
9W at the George Washington Bridge approach in Fort Lee.
17 Route 17 – (1.2 miles from the Site) is a state highway in Bergen County
that provides access to many of the major municipalities located within
the county, including Paramus, Hackensack, Rutherford, Ridgewood and
Mahwah, and intersects with the Garden State Parkway, I-80, Route 27, and
Route 4.
Garden State Parkway – (1.9 mile from the Site) is one of the major
north/south highways in New Jersey which runs the entire length of the
state and provides convenient access to many residential areas in Northern
New Jersey and southern shore points.
80 Interstate 80 – (3.2 miles from the Site) is a major interstate highway
that spans from New York to California. I-80 provides access to Route 46,
I-287, Route 4, and Route 17.
95 Interstate 95 – (5.9 miles from the Site) is the primary north-south
interstate route between Maine and Florida, which starts in New Jersey at the
George Washington Bridge. I-95 is the primary commercial roadway in New
Jersey and offers direct access to Newark Liberty International Airport and
Port Newark-Elizabeth.
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YONKERS
PATERSON
INWOOD
HARLEM
TEANECK
PASSAIC
CLIFTON
FORT LEE
FAIR LAWN
BLOOMFIELD
BELLEVILLE
HACKENSACK
UNION CITY
NORTH BERGEN
WEST NEW YORK
LODI
NUTLEY
WYCKOFF
TENAFLY
PARAMUS
MELROSE
SECAUCUS
GARFIELD
FAIRVIEW
WESTWOOD
GLENWOOD
LYNDHURST
RIDGEWOOD
HAWTHORNE
GLEN ROCK
ENGLEWOOD
ARLINGTON
RUTHERFORD
RIVER EDGE
RIDGEFIELD
NEW MILFORD
DOBBS FERRY
BERGENFIELD
HUNTS POINT
SADDLE BROOK
LITTLE FERRY
WOODLAND PARK
LAGUARDIA AIRPORT
NEW YORKCITY
RIDGEFIELD PARK
HASBROUCK HEIGHTS
TETERBOROAIRPORT
EAST RUTHERFORD
NORWOOD
HALEDON
HILLSDALE
OLD TAPPAN
HASTINGS-ON-HUDSON
NEW JERSEY
NE
W Y
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K
PA
LISA
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RST
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KW
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GA
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GG509
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UV9A
UV21
UV208
UV3
UV7
£¤9W
£¤1
£¤46
£¤9
£¤46
Hud
son
Riv
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East River
BERGEN
BRONX
PASSAIC
ESSEX
WESTCHESTER
HUDSON
QUEENS
ROCKLAND
95
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80
80
80
87
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6 SPRING VALLEY ROAD | PARAMUS, NJ 11
ZONING
Zoning: HCC – Highway Corridor Commercial Zone
Permitted Uses: • All permitted uses identified in the Neighborhood Business Zone and the Limited Business Zone• Hotels and convention centers • Retail stores used for the sale of merchandise, wholesale salesroom • Personal service establishment • Restaurants• Shopping centers and malls • Movie theater• Art galleries and museums• Medical, professional and administrative offices• Medical and dental clinics• Adult day-care and child day-care facilities• Business or professional offices, office buildings, banks• Health and Fitness facilities, exercise or health clubs, gymnasium or athletic establishment, indoor
swimming pools • Funeral homes • Business or Vocational Schools • Commuter parking/transportation terminal• Motor vehicle service and repair, automotive supply and service establishments and filling
stations• Recreation and recreational facilities• New car dealerships• Hospitals and health care facilities campus• Assisted living, skilled nursing, long-term acute care, dementia or memory care facilities• Research laboratories provided the same do not involve any hazardous or toxic substances unless
off-site disposal pursuant to NJDEP regulations • Cannabis/marijuana (Medical) • Multifamily residential shall be a conditional use within the HCC Zone subject to conditions
Minimum Lot Area: 21,780 SF
Minimum Lot Width: 200 Ft.
Minimum Lot Frontage: 200 Ft.
Minimum Front Yard Setback: 25 Ft.
Minimum Rear Yard: 25 Ft. except for any parcel or lot abutting a residential zone district and/or any conservation/recreation zone
Minimum Side Yard: 10 Ft. except for any parcel or lot abutting a residential zone district and/or any conservation/recreation zone
Minimum Distance of Building from Residential Zone Line:
The minimum distance of any building on a parcel or lot contiguous to a residential zone district and/or any conservation/recreation zone shall not be less than the greater of 100 feet or twice the height of the closest building to the residential zone
Maximum Coverage Ratio: 25% for buildings; 80% impervious surfaces
Maximum Building Height: 60 Ft.
Parking Requirements: • Office buildings: 3 spaces per 1,000 SF• Malls: 4.5 spaces per 1,000 leasable SF• Retail shopping centers with 25% or more of the usable SF occupied by restaurants: 5 spaces per
1,000 leasable SF• Retail shopping centers with less than 25% of the usable SF occupied by restaurants: 4.5 spaces
per 1,000 leasable SF• Hospitals: 3.5 spaces per bed• Long-term acute care, memory or dementia care, assisted living facilities: 0.5 spaces per dwelling
unit or bed• Skilled nursing facilities: 1 space per 3 beds• Health, wellness, fitness facilities: 4.5 spaces per 1,000 SF or floor area• Stand alone medical offices: 6 spaces per 1,000 SF
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6 SPRING VALLEY ROAD | PARAMUS, NJ 13
6 Spring Valley Rd. is situated within the Northern New Jersey
retail market and South/West Bergen County retail submarket.
The Northern New Jersey market reported a net absorption of
84,000 MSF in 2020 and the overall vacancy for the market
was 8.6%. Overall, the market has continued to experience
strong demand. As of 4Q20, the South/West Bergen County
submarket reported an average net asking rent of $31.62 per
square foot and a vacancy rate of 8.3%.
RETAIL MARKET
OVERVIEW
Source: Costar
SOUTH/WEST & NORTH BERGEN COUNTY SUBMARKETS
PeriodExisting Inventory Total
Inventory SF Vacancy % Net Absorption Market Rent Per SF UC Inventory Total GLA
2021 YTD 131,814,162 4.9% (449127) $22.10 508,340
2020 131,793,623 4.9% (625,368) $22.28 493,717
2019 131,481,711 4.2% 1,074,080 $22.90 497,507
2018 131,002,127 4.6% 1,018,787 $23.08 895,854
2017 130,462,007 5.0% 707,341 $23.04 622,155
2016 129,785,942 5.1% 487,426 $22.87 778,106
2015 129,062,822 5.0% 701,860 $22.77 856,214
2014 128,438,137 5.0% 296,847 $22.59 850,028
2013 128,817,111 5.5% 960,393 $22.37 304,139
2012 128,557,978 6.0% 259,525 $22.10 440,861
2011 128,311,444 6.1% (40,945) $22.02 246,266
2020 NORTHERN NEW JERSEY RETAIL MARKET SNAPSHOT
VACANCY RATE
8.3%
TOTAL INVENTORY
3.8 MSF
AVERAGE ASKING RENT:
$31.62 PSF NNN
CUSHMAN & WAKEFIELD14
PARAMUS JUNCTION (5 Minutes)
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PARAMUS TOWN SQUARE (10 Minutes)
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ARCOLA COUNTRY CLUB
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OUTLETS AT BERGEN TOWN CENTER
WESTFIELD GARDEN STATE PLAZA (3 Minutes)
6 SPRING VALLEY
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6 SPRING VALLEY ROAD | PARAMUS, NJ 15
This Offering Memorandum was prepared on March 1st, 2021 by Cushman & Wakefield (“Broker”) solely for the use of prospective buyers (each a “Buyer”) of the real property commonly known as 6 Spring Valley Road (the “Property”). Neither Broker nor the owner of the Property (“Owner”) makes any representation or warranty, express or implied, as to the completeness or the accuracy of the material contained in the Offering Memorandum.
Prospective Buyers of the Property are advised (i) that changes may have occurred in the physical or financial condition of the Property since the time this Offering Memorandum or any financial statement therein was prepared and (ii) that no projections were made herein. Other than historical revenue and operating expense figures for the Property, Owner has not provided, and shall not provide, Broker or any prospective Buyer with any income and expense figures, budgets or projections regarding the Property. Prospective Buyers of the
Property are advised and encouraged to conduct their own comprehensive review and analysis of the Property.
The Offering Memorandum is a solicitation of interest only and is not an offer to sell the Property. Owner expressly reserves the right, in its sole and absolute discretion, to reject any or all expressions of interest or offers to purchase the Property and expressly reserves the right, in its sole and absolute discretion, to terminate discussions with any potential Buyer at any time with or without notice. Owner shall have no legal commitment or obligation to any party reviewing the Offering Memorandum or making an offer to purchase the Property unless and until a written real estate purchase and sale agreement is executed by Owner and Buyer.
The Offering Memorandum is confidential. As a condition to receiving this Offering Memorandum, Buyer has executed the Confidentiality Agreement attached hereto.
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6 SPRING VALLEY ROAD
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INVESTMENT SALES
Brian J. Whitmer Vice Chairman +1 201 508 5209 [email protected]
Seth Pollack Director +1 201 508 5322 [email protected]
Peter Welch Financial Analyst +1 908 938 9716 [email protected]
FINANCING
John Alascio Executive Managing Director +1 212 841 9238 [email protected]
Chuck Kohaut Director +1 201 528 2154 [email protected]
FOR MORE INFORMATION, PLEASE CONTACT:
Cushman & Wakefield, Inc. Capital Markets Group
One Meadowlands Plaza, 7th Floor East Rutherford, NJ 07073
T +1 201 935 4000 F +1 201 804 0064 E [email protected]