Winfield acquires downtown boutique Morristown shopping center

A boutique retail asset situated in Morristown’s historic Town Center has a new owner following the recent sale of the nearly 50,000-square-foot the Shops at 40 Park.

JLL Capital Markets represented the seller, a joint venture of a global real estate investment advisor, Veris Residential and Woodmont Properties, according to an Oct. 25 announcement. Additionally, the team procured the buyer, Lyndhurst-based Winfield Properties. Financial terms of the deal were not disclosed.

Surrounded by 2.6 million square feet of office space, the Shops at 40 Park dates to 2010. Set on 0.77 acres, the property is 100% leased at the street level, according to JLL. The mix includes Starbucks, Roots Steakhouse, Agricola, Qdoba and AT&T. Looking ahead, Winfield plans to reposition approximately 15,000 square feet of lower-level vacancy at the site.

Winfield Properties founder and Managing Partner Anthony DiTommaso described Morristown as a  core focus of our investment strategy.”

“And the Shops at 40 Park is complementary to our growing portfolio of mixed-use properties,” he added.

The property purchase of 40 W. Park Place follows Winfield’s recently completed development of the Schuyler Lofts apartments, also located in downtown Morristown – just a short walk away.

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

JLL put the number of annual visitors to the Shops at 40 Park at 1 million. Last month, Placer.ai data showed the center’s Starbucks supported more than 94,000 visits.

“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.