Value-Add Retail | NOI: ±$728K
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Value-Add Retail | NOI: ±$728K
21 Properties Online Auction Sale Lafayette, NJ
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Investment Highlights
- Tremendous value-add retail opportunity with in-place NOI ±$728K
- Newly renovated retail in pristine condition
- 59.5% leased iconic shopping destination occupied by 37 diverse tenants
- Excess land for potential 132-unit, 4-building multi-family development
Executive Summary
As exclusive agent, Colliers is pleased to offer 100% interest in the Shoppes at Lafayette, 75 NJ 15, Lafayette Township, Sussex County, New Jersey, for sale. The Shoppes at Lafayette combines ±115,402 SF of a recently renovated shopping center with six parcels occupied by four single-family residences, a vacant school building and vacant land. Ownership has secured a conditional approval for a 132 unit, 4-building multi-family development opportunity which could be an addition to the existing retail center.
The Shoppes at Lafayette is the retail heart of Sussex County. Once known as Olde Lafayette Village, this iconic shopping destination has been completely renovated. Everything from the street clock that stands prominently at the village’s center to the shop exteriors, sidewalks, and parking lots has been restored. Since the property was renovated at the start of 2021, 37 tenants have moved in. The property remains 60.2% occupied and represents a substantial value-add opportunity for the next owner.
Property tours are available by appointment only. Please contact patrick.norris@colliers.com / 973-299-3010 to schedule.
The Shoppes at Lafayette is the retail heart of Sussex County. Once known as Olde Lafayette Village, this iconic shopping destination has been completely renovated. Everything from the street clock that stands prominently at the village’s center to the shop exteriors, sidewalks, and parking lots has been restored. Since the property was renovated at the start of 2021, 37 tenants have moved in. The property remains 60.2% occupied and represents a substantial value-add opportunity for the next owner.
Property tours are available by appointment only. Please contact patrick.norris@colliers.com / 973-299-3010 to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- 1. Offering Memorandum
- 2. Financials
- 3. Property Information
- 4. Third Party Reports
- 5. Residential Development
- 6. Purchase Agreement
- 7. Title and Insurance
- Purchase Agreement
Property Facts
| Sale Conditions | Auction Sale | Number of Properties | 21 |
| Sale Type | Investment | Total Building Size | 115,402 SF |
| Status | Active | Total Land Area | 23.16 AC |
| Sale Conditions | Auction Sale |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 21 |
| Total Building Size | 115,402 SF |
| Total Land Area | 23.16 AC |
Properties
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Sale Advisors
Sale Advisors
Jacklene Chesler, Vice Chair
(973) 610-1875
Contact
Jacklene serves as Vice Chair and provides Investment Sales & Advisory expertise to institutional and private investors. She focuses on all major product types including Office, Industrial, Retail, Residential/Mixed Use and Land. She has vast experience in working with Special Servicers (Loan and REO teams), Asset Mangers and other Fidicuciary Agents on CMBS and balance sheet properties, and other type of distressed assets. She is also very active with marketing and selling properties via online auctions, most notable Tenx.com.
Jacklene joined the firm in 2013. Prior to Colliers, she was a Director for the NKF Capital Markets Tri-State Team from 2008 to 2013. She has been a top 10% producer for Colliers from 2014 to current year and recognized for this achievement by being part of the prestigious Everest Club.
Jacklene joined the firm in 2013. Prior to Colliers, she was a Director for the NKF Capital Markets Tri-State Team from 2008 to 2013. She has been a top 10% producer for Colliers from 2014 to current year and recognized for this achievement by being part of the prestigious Everest Club.
Patrick Norris, Vice President
(973) 299-3010
Contact
Patrick Norris, Vice President, has been part of the commercial real estate industry since 2016. He specializes in institutional, as well as private investor sale transactions throughout New Jersey and the surrounding tri-state metropolitan region. In addition to executing highly competitive traditional marketing campaigns, Patrick is an expert at selling properties via online auction platforms including Ten-X Commerical, RIMarketplace and Crexi.
Patrick has been involved in the marketing and sale of office, retail, industrial and multi-family assets. He was recognized by Real Estate Weekly as a “2018 Rising Star of Real Estate”. Patrick was named to the Mid Atlantic Real Estate Journal’s 2022 “30 Under 30”. Also he received the Platinum Broker Award by Crexi.
Patrick is a member of National Association of Industrial and Office Professionals (NAIOP) Developing Leaders, Industrial and Office Real Estate Brokers Association (IOREBA) Next Gen and International Council of Shopping Centers (ICSC).
Patrick has been involved in the marketing and sale of office, retail, industrial and multi-family assets. He was recognized by Real Estate Weekly as a “2018 Rising Star of Real Estate”. Patrick was named to the Mid Atlantic Real Estate Journal’s 2022 “30 Under 30”. Also he received the Platinum Broker Award by Crexi.
Patrick is a member of National Association of Industrial and Office Professionals (NAIOP) Developing Leaders, Industrial and Office Real Estate Brokers Association (IOREBA) Next Gen and International Council of Shopping Centers (ICSC).
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial property. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Cheri Mascitelli
Contact
Auctioneer License:
Ten-X Commercial, LLC Arlene Richardson RE Brkr 2187404
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Value-Add Retail | NOI: ±$728K
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Presented by
Value-Add Retail | NOI: ±$728K
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