Wayne Retail Center Sells For $29 Million

WAYNE, NJ — The West Belt Plaza on Route 23 South was recently sold for $29 million to an unnamed buyer.

The 90,000-square-foot retail space has 16 businesses, including anchors Home Goods and PetSmart. The plaza is adjacent to the Willowbrook Mall and the redeveloped Wayne Towne Center.

The West Belt Plaza and the Waldwick Shopping Plaza were sold for a total of $34 million. Gebroe-Hammer Associates, a Livingston-based retail marketing firm.

“Recent news coverage might lead the general population to think retailers are in a slow descent when in fact quite a number of brands — from grocery stores to resellers and gyms — are actually expanding, particularly in historically strong submarkets such as Bergen and Passaic counties,” said Executive Vice President Greg Pine, who represented the seller in both transactions. “Both West Belt Plaza and Waldwick Shopping Plaza are well-located top-performers, with a diverse tenant roster and a nice balance of consumer products and lifestyle services.”

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Photo: The Home Goods store at the West Belt Plaza on Route 23 South/Courtesy of CMM Strategic Communications