679-717 Route 23, Pompton Plains, NJ
Prime Retail Strip Center Development
- Target IRR
- +24.5%
- Target Hold
- 5 Years
- Min. Investment
- $50,000
- Funded
- 90%
Overview
A ground-up development of a prime retail strip center on Route 23 in Pompton Plains, NJ, positioned alongside national anchor tenants in a high-traffic corridor. The project is being developed, leased, and managed end-to-end by the Prime Equity team.
Nearby National Retailers
Investment Summary
Now RaisingTarget IRR
+24.5%
- Target Hold
- 5 Years
- Min. Investment
- $50,000
- Cash on Cash
- 105%
- Size
- 30,000 sq ft
- Projected Sale Date
- 2030
The Internal Rate of Return (IRR) figures presented on this website are estimates based on various factors, including historical performance, market trends, and projected outcomes. These figures serve as indicators of potential returns but should not be construed as guaranteed results.
From Vision to Reality
Before
At acquisition — a dated façade, deferred maintenance and below-market leases.
Gallery
Property Details
- Address
- 679-717 Route 23
- City
- Pompton Plains
- State
- New Jersey
- Building
- Retail, Value-Add
- Land Size
- 100,000 sq ft
The property comprises approximately 30,000 square feet of retail stores, situated on 100,000 square feet of land at 679-717 Route 23, Pompton Plains, NJ.
Pompton Plains sits in the valley of the Pompton River, which forms the eastern border of the township and Morris County. Neighboring communities include Riverdale, Kinnelon, Lincoln Park, and the remainder of Pequannock Township.
Route 23 serves as a prominent retail corridor in northern New Jersey, hosting a diverse array of retailers including Stop & Shop, TJ Maxx/HomeGoods, 7-Eleven, Dunkin' Donuts, and Target.
We believe the property's proximity to Route 23 and Wayne, NJ, combined with over 50,000 cars passing the site daily, an acquisition price significantly below replacement cost, and the current owner's deferred maintenance and below-market leases, gives us a clear path to attract quality tenants, raise rents, and increase the property's value once renovated.
The plan is to obtain permits to renovate the shopping center's façade, upgrade the stores, change storefronts, add new landscaping, and install new lighting to attract higher-quality retail tenants. Renovation is expected to take approximately 18 months, during which leasing will begin on available spaces. After the center is fully leased, we plan to refinance and return a substantial portion of equity to investors, then sell the property after an additional 3 years — an overall project timeframe of roughly 5 to 7 years.
Invest With Prime Equity
Interested in this opportunity?
Reach out to our investor relations team for full offering details.
Target IRR
+24.5%