confidential offering memorandum 6 spring valley road

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

ROAD

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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

NE

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East River

BERGEN

BRONX

PASSAIC

ESSEX

WESTCHESTER

HUDSON

QUEENS

ROCKLAND

95

95

80

80

80

87

4

4

17

6 SPRING VALLEY

ROAD

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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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4

4

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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


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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Garden State Plaza

Paramus Park

The Outlets at Bergen Town

Center

4

4

17

17

144 W. RT 4 6 SPRING VALLEY

ROAD


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.


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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son

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East River

BERGEN

BRONX

PASSAIC

ESSEX

WESTCHESTER

HUDSON

QUEENS

ROCKLAND

95

95

80

80

80

87

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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6 SPRING VALLEY

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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

OR

K

PA

LISA

DE

S IN

TE

RST

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KW

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East River

BERGEN

BRONX

PASSAIC

ESSEX

WESTCHESTER

HUDSON

QUEENS

ROCKLAND

95

95

80

80

80

87

4

4

17

17

6 SPRING VALLEY

ROAD

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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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SPRING VALLEY ROAD

SPRING VALLEY ROAD



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


PARAMUS JUNCTION (5 Minutes)

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PARAMUS TOWN SQUARE (10 Minutes)

17

17

ARCOLA COUNTRY CLUB

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WESTFIELD GARDEN STATE PLAZA (3 Minutes)

6 SPRING VALLEY

ROAD


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

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SPRING VALLEY ROAD

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6 SPRING VALLEY ROAD

PARAMUS, NJ

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]

confidential offering memorandum 6 spring valley road

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