the staff of the Ridgewood blog
Park Ridge NJ, a prominent strip mall on Kinderkamack Road in Park Ridge, anchored by a Lidl supermarket, has been sold for $17 million, according to an announcement by Marcus & Millichap, a real estate services firm. The Ridgemont Shopping Center, spanning 71,650 square feet, also houses Staples, Chase Bank, and Starbucks.
The buyer of the property remains undisclosed, but the sale highlights the ongoing demand for grocery-anchored shopping centers in New Jersey.
Rare Opportunity in Bergen County
“It’s extremely rare to see grocery-anchored shopping centers come to market in New Jersey, especially the dominant center in one of Bergen County’s most attractive towns,” said Alan Cafiero, senior executive at Marcus & Millichap.
This sale comes on the heels of another recent deal in Wyckoff, where a 10,000-square-foot retail strip sold for nearly $4.3 million to a mystery buyer.
Retail Growth in Paramus
Nearby in Paramus, the retail hub of Bergen County, the 153,494-square-foot Paramus Plaza at 545 Route 17 South was sold last summer for $36.8 million. Tenants of the property include Hobby Lobby, Marshalls, Ashley, Skechers, and Chipotle. The deal was brokered by Cushman & Wakefield.
Why Strip Malls Are Booming
Strip malls, or “open-air shopping centers,” have become a hot commodity in the commercial real estate market. Since the COVID-19 pandemic, these retail spaces have experienced significant growth, driven by shifts in consumer behavior.
- Lower Costs: Compared to larger commercial properties, strip malls require less upfront investment.
- Stable Income: Tenants such as grocery stores, nail salons, and physical therapy clinics provide steady rental income, even during economic fluctuations.
- Retail Renaissance: According to James Corl, head of private real estate at Cohen & Steers, strip malls are experiencing a “retail renaissance” due to durable acceleration in earnings growth.
The Future of Retail Centers
As more investors recognize the stability and profitability of strip malls, the trend shows no signs of slowing. Properties like the Ridgemont Shopping Center in Park Ridge demonstrate the ongoing demand for well-located, grocery-anchored shopping centers in high-demand areas like Bergen County.
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Developer will probably build another monster size structure like The James further south on Kinderkamack Road.
If you want to keeps things the same you can buy it.
Will be mixed use and include affordable housing. A lot more to come in all towns.