Winfield Properties purchases high street retail along the historic Morristown Green in New Jersey

MORRISTOWN, N.J., Oct. 25, 2024 – JLL Capital Markets announced today that it has arranged the sale of Shops at 40 Park, a 49,974-square-foot boutique, high-street retail asset with value-add upside located in Morristown’s historic Town Center, in New Jersey.

JLL represented the seller, a joint venture of a Global Real Estate Investment Advisor, Veris Residential and Woodmont Properties. JLL also procured the buyer, Winfield Properties.

Strategically positioned at 40 W Park Place, The Shops at 40 Park benefits from its prime location fronting the historic Morristown Green. The property is situated in the heart of Morristown's central business district, surrounded by 2.6 million square feet of office space and within walking distance of the Morristown train station, providing direct access to New York City.

Constructed in 2010, The Shops at 40 Park is a thriving retail destination on a 0.77-acre site. The property is 100% leased at the street level, featuring a diverse tenant mix including Starbucks, Roots Steakhouse, Agricola, Qdoba and AT&T. The center attracts approximately one million annual visitors.

Winfield plans to reposition the approximately 15,000 SF lower-level vacancy. “Despite the space not being at street level, it offers potential tenants an opportunity to have direct presence on the Morristown Green at compelling rates,” said Nazario M. Paragano, Winfield Properties Vice President. “We are excited to re-introduce this opportunity into the market.”

Winfield Properties Founder and Managing Partner, Anthony DiTommaso, added “Morristown remains a core focus of our investment strategy, and the Shops at 40 Park is complementary to our growing portfolio of mixed-use properties”.

This acquisition comes as Winfield recently completed the development of the Schuyler Lofts apartments, also located in downtown Morristown and just a short walk to The Shops at 40 Park.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn and Director J.B. Bruno.

"The Shops at 40 Park represents a rare opportunity to acquire a high-street retail asset in one of Northern New Jersey's most desirable urban submarkets," said Cruz.

"The property's prime location on the Green, and strong tenant mix make it an attractive long-term investment," added O’Hearn.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Veris Residential, Inc. is a forward-thinking, environmentally and socially conscious real estate investment trust (REIT) that primarily owns, operates, acquires and develops holistically inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment. For additional information on Veris Residential, Inc. and our properties available for lease, please visit https://verisresidential.com.

For 60 years, Woodmont Properties, based in Fairfield, N.J., has contributed to the region’s residential and commercial marketplace by developing residential communities, office buildings, retail centers, industrial properties, and recreational facilities in suburban communities, town centers and cities in New Jersey, New York and Pennsylvania, Georgia, Florida, and Colorado. Under CEO Eric Witmondt’s leadership, Woodmont’s success in developing both residential communities and commercial properties is derived from a unique blend of innovation, integrity, the selection of superior locations, and quality design. Woodmont Properties has been awarded a Top Workplaces honor by NJ Advance Media in 2020 and 2021 and was named a nationally recognized Top Workplace 2022 and 2023 by TopWorkplaces.com and USA Today. https://www.woodmontproperties.com/

Winfield Properties, established in 2015, by Anthony J. DiTommaso, is a dynamic real estate investment and development firm that has successfully acquired, developed, and managed over $200 million in commercial and multifamily assets. The company's diverse portfolio spans rental apartments, office, retail, industrial and mixed-use properties, reflecting its versatile approach to real estate investment. Guided by core real estate fundamentals and a focus on low-volatility, high-return investments, Winfield Properties has consistently delivered sustained growth for its investors while maintaining a rigorous, owner-investor perspective throughout the ownership, repositioning, and development process.