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Big things planned for Edgewater retail site: Capstone Realty Group.

Capstone Realty Group purchased the Edgewater Marketplace, a 80,000 s/f retail center anchored by Trader Joe's in Edgewater, NJ, for a little more than $20 million.

The center, at 715 and 725 River Road, features a roster of both national and regional tenants including Verizon Wireless, Red Mango and JP Morgan Chase.

It was built in 1987 and is located minutes from the George Washington Bridge and Hoboken.

"We plan to upgrade and modernize the Edgewater Marketplace and aggressively seek high quality tenants for the vacant space," said Capstone managing partner Rob Friedberg.

"Our core strategy is to acquire well located commercial properties like the Marketplace at a low cost basis."

Capstone also announced plans to capitalize on the property's Hudson River/ New York City views with updated seating and dining areas along the Hudson River boardwalk, according to Friedberg.

Capstone hired Ripco Real Estate of Lyndhurst, NJ. to be the leasing agent for the Edgewater Marketplace.

The Edgewater Marketplace shares a parking field with the Binghamton Ferryboat restaurant and nightclub, the only permanently moored floating restaurant along the Hudson River, that is currently closed and awaiting reuse.

"We believe there is strong demand for retail space with a one-of-a-kind riverfront location and Manhattan views that is unique to the Marketplace," said Capstone Managing Partner Brad Gillman.
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Title Annotation:SELLING POINTS
Comment:Big things planned for Edgewater retail site: Capstone Realty Group.(SELLING POINTS)
Publication:Real Estate Weekly
Date:Jul 24, 2013
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