Hackensack center trades for $45m.

Riverfront Plaza, one of the most highly trafficked and best known suburban Bergen County, N.J., shopping centers, has traded for $45.4 million, announced Cushman & Wakefield, Inc.

The firm's Metropolitan Area Capital Markets Group, based in East Rutherford, N.J., orchestrated the sale from Riverfront Plaza, LLC, an affiliate of JD Construction Corp., to Crossroads Companies.

Located on South River Street, within minutes of Interstate 80 and Route 46, the institutional-quality, 129,250-square-foot community shopping center is 100% leased.

Riverfront Plaza's anchor, ShopRite Supermarket, has a history of strong performance with 70,400 s/f. Other tenants in the center include GNC, H&R Block, Hollywood Video, KFC, Mandee, Radio Shack, Taco Bell and Washington Mutual.

"Hackensack is centrally located in one of the most heavily populated areas in the state and boasts a density of 7,184 persons per square mile within its primary trade area," noted Cushman & Wakefield's David Bernhaut, who handled the transaction with team members Andrew Merin, Gary Gabriel and Jose Cruz.

"The property occupies a unique, infill location within a competition-constrained marketplace that offers virtually no future retail development opportunities. In short, Crossroads Companies has added an outstanding asset to its portfolio."

Riverfront Plaza benefits from Hackensack's ongoing revitalization effort, which has attracted businesses and shoppers throughout the city, according to Bernhaut.

The nearly 14-acre, five-building property is bordered by the Hackensack River and includes a portion of The Riverwalk. A key component in the revitalization, that waterfront park is designed to connect several northern New Jersey communities, ultimately providing a continuous pedestrian trail.

[ILLUSTRATION OMITTED]