6 Spring Valley Road Paramus, Nj Executive Summary

CONFIDENTIAL OFFERING MEMORANDUM 6 SPRING VALLEY ROAD PARAMUS, NJ EXECUTIVE SUMMARY

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 4 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.

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Premier Redevelopment Opportunity

6 SPRING VALLEY ROAD | PARAMUS, NJ 3 INVESTMENT HIGHLIGHTS

Exceptional Prime Location Unparalleled Redevelopment & Coveted Zip Code Demographics

Opportunity • Located at the heart of prestigious • Population of 560,485 or 7,137.4 Bergen County, surrounded by some persons per square mile within a • Frontage along the highly traveled of the most affluent communities in 5-mile radius of the Site Route 4 (ADT of ±100,000 vehicles) New Jersey • Paramus has an average household • 0.64 acres in the center of New • Prime location along Northern New income of $163,361 and an average Jersey’s highest grossing retail area Jersey’s premier retail corridor, home value of $652,550 • Rare corner lot provides high visibility home to the Garden State Plaza by passing traffic and Paramus Park Mall, two thriving regional malls less than one mile from the Site DOBBS FERRY WYCKOFF OLD TAPPAN NEW JERSEY ROCKLAND • Paramus zip code is the highest £¤9 grossing in the country, withHILLSDALE over $3.7 HASTINGS-ON- billion in retail sales per year, despite NORWOOD HUDSON UV208 G110 WESTWOOD Blue Laws restrictingGARDEN STATE PKWY non-necessityG

RIDGEWOODretail shopping on Sundays G110

G39 87 £¤9W GLEN ROCK WESTCHESTER

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PASSAIC PATERSON

PARAMUS NEW YORK 80 SADDLE BROOK 4 TEANECK WOODLAND PARK ENGLEWOOD

80 HACKENSACK

GARFIELD LODI 4 G509 80 PALISADES INTERSTATE PKWY £¤46 CLIFTON INWOOD HASBROUCK HEIGHTS PASSAIC £¤46 RIDGEFIELD PARK BRONX LITTLE FERRY Hudson River FORT LEE TETERBORO AIRPORT

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East River BELLEVILLE NORTH BERGEN £¤1 NEW YORK BLOOMFIELD WEST NEW YORK CITY SECAUCUS FDR DR N HUDSON FDRDR S 95 ARLINGTON QUEENS UNION CITY LAGUARDIA AIRPORT UV7 SPRING VALLEY RD

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SITE DETAILS REAL ESTATE TAXES

Address: 6 Spring Valley Rd., Paramus, NJ 07652 Land Assessment (2021): $960,000 Improvements: 2-story, 6,962 SF Hair Salon, (1st fl.- Improvements Assessment (2021): $1,540,000 5,542 sf, 2nd fl.1,420 sf) 63 parking Total Assessment (2021): $2,500,000 spaces 2020 Tax Rate: $1.595 per $100 of 0.64 acres / 27,878 SF Site Size: assessed value Frontage: 245’ along Route 4; 235’ along 2021 Taxes: $39,875 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

6 SPRING VALLEY ROAD | PARAMUS, NJ 5 SUSSEX

PASSAIC Garden State Plaza

BERGEN

WARREN MORRIS

ESSEX

HUDSON

UNION

HUNTERDON SOMERSET

MIDDLESEX LOCATION & MERCER DEMOGRAPHICS MONMOUTH

PRESTIGIOUS BERGEN COUNTY

Bergen County is situated in the northeastern (100+ employees) in Bergen County, with due, in part, to the county’s highly educated section of New Jersey and consists of 70 the majority specializing in pharmaceuticals, workforce with over 51.3% holding a municipalities including Paramus, Franklin telecommunications, high technology and Bachelor’s Degree or higher. Lakes, Alpine, Teterboro, Ho-Ho-Kus, Saddle financial services. The county is bounded The county’s municipalities vary from River, Upper Saddle River, Hackensack and to the north by New York State, to the suburban bedroom communities with single- Tenafly, amongst others. The county is one south by Hudson & Essex Counties, to the family homes lining tree-shaded streets, to of the most affluent in the nation with an east by the Hudson River, and to the west exclusive communities with multiple family average household income of $144,137, as by Passaic County. The favorable location dwellings such as Fort Lee and Edgewater, well as the most populous in the state with within the New York City metropolitan with luxury high-rise residential towers over 943,958 residents. Bergen County is area – approximately equidistant between overlooking the banks of the Hudson located directly across the Hudson River Washington D.C. and Boston – provides River. The county is home to four regional from New York City, 25 minutes north convenient access to an excellent network shopping malls, including the state’s largest, of Newark International Airport and 90 of north-south highways, including I-95, I-87, the Westfield Garden State Plaza. minutes from Philadelphia, which makes it I-287 and the Garden State Parkway. This an attractive location for businesses and regional highway system also offers access Bergen County’s healthy economy reflects residents alike. to a large labor pool in nearby Orange and the strong demand for retail in the area Rockland Counties in New York. and the employment environment is one Bergen County is known for its high of the strongest in the state, with a current quality of life, well-educated labor force, Bergen County is attractive as it provides a unemployment rate of 13.5%, 160 basis points retail and entertainment destinations, convenient commute to New York City and below New Jersey’s overall unemployment and concentration of major corporate the many employment centers throughout rate of 15.1%. headquarters. 14 Fortune 500 companies New Jersey for its residents, 74% of whom are headquartered or have major facilities are employed in white collar jobs. This is

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MAJOR BERGEN COUNTY EMPLOYERS

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 Englewood 1,985 Services 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

6 SPRING VALLEY ROAD | PARAMUS, NJ 7 Paramus 17 Park

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4 Garden The Outlets at State Bergen Town Plaza Center

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The Site’s Paramus zip code positions it in the shopping landmark. Originally opened in the largest retail market in New Jersey, a result of 1950s as an open air mall, the Garden State Plaza its dense and affluent surrounding population. has grown into a 2.2 MSF super regional mall and Paramus can be accessed via Routes 17 and 4, the draws shoppers from all over the tri-state area. Garden State Parkway, and is just north of I-80 and The Paramus Park Mall and the recently renovated the New Jersey Turnpike/I-95. The township has a Bergen Town Center also offer numerous shopping population density of 2,591 persons per square mile alternatives. and an average household income of $163,361, 37% The Site is situated in one of the most desirable higher than the New Jersey average. Paramus is the locations in Paramus, situated along Route 4, less highest grossing retail zip code in the country, with than 1.0 miles from the Garden State Plaza. With nearly $3.7 billion in retail sales per year. high visibility along Route 4 and due to its corner Major draws to Paramus include the Garden State lot location, the Site draws much attention from a Plaza, which is Northern New Jersey’s most famous wide trade area.

DEMOGRAPHIC S

1 Mile 3 Mile 5 Mile Radius Radius 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% The Outlets at Employment Bergen Town Center 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%

6 SPRING VALLEY ROAD | PARAMUS, NJ 9 DOBBS FERRY WYCKOFF OLD TAPPAN NEW JERSEY ROCKLAND £¤9 HILLSDALE MAJOR ROADWAYS HASTINGS-ON- NORWOOD HUDSON UV208 G110 WESTWOOD GARDEN STATE PKWY G 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 RIDGEWOOD interchange with Interstate 95, U.S. Route 1/9, U.S. Route 46, and U.S. Route G110 9W at the George Washington Bridge approach in Fort Lee. G39 87 17 Route 17 – (1.2 miles from the Site) is a state highway in Bergen County £¤9W that provides access to many of the major municipalities located within GLEN ROCK WESTCHESTER the county, including Paramus, Hackensack, Rutherford, Ridgewood and Mahwah, and intersects with the Garden State Parkway, I-80, Route 27, and HAWTHORNE Route 4. BERGEN GLENWOOD

Garden State Parkway – (1.9 mile from the Site) is one of the major HALEDON 9A north/south highways in New Jersey which runs the entire length of the FAIR LAWN UV BERGENFIELD state and provides convenient access to many residential areas in Northern RIVER EDGE YONKERS

New Jersey and southern shore points. TENAFLY NEW MILFORD

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, PASSAIC PATERSON I-287, Route 4, and Route 17.

PARAMUS NEW YORK Interstate 95 – (5.9 miles from the Site) is the primary north-south 80 95 SADDLE BROOK interstate route between Maine and Florida, which starts in New Jersey at the TEANECK George Washington Bridge. I-95 is the primary commercial roadway in New WOODLAND PARK ENGLEWOOD Jersey and offers direct access to Newark Liberty International Airport and 80 Port Newark-Elizabeth. HACKENSACK

GARFIELD LODI G509 80 PALISADES INTERSTATE PKWY £¤46 CLIFTON INWOOD HASBROUCK HEIGHTS PASSAIC £¤46 RIDGEFIELD PARK BRONX LITTLE FERRY Hudson River 6 SPRING FORT LEE 4 VALLEY TETERBORO ROAD AIRPORT

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PARAMUS NEW YORK 80 SADDLE BROOK 4 TEANECK WOODLAND PARK ENGLEWOOD

80 HACKENSACK

GARFIELD LODI 4 G509 80 PALISADES INTERSTATE PKWY £¤46 CLIFTON INWOOD HASBROUCK HEIGHTS PASSAIC £¤46 RIDGEFIELD PARK BRONX LITTLE FERRY Hudson River FORT LEE TETERBORO AIRPORT

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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 The minimum distance of any building on a parcel or lot contiguous to a residential zone district from Residential Zone Line: 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

6 SPRING VALLEY ROAD | PARAMUS, NJ 13 SOUTH/WEST & NORTH BERGEN COUNTY RETAIL SUBMARKETS MARKET TOTAL INVENTORY OVERVIEW 3.8 MSF

6 Spring Valley Rd. is situated within the Northern New Jersey AVERAGE ASKING RENT: retail market and South/West Bergen County retail submarket. The Northern New Jersey market reported a net absorption of $31.62 84,000 MSF in 2020 and the overall vacancy for the market PSF NNN 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%. VACANCY RATE 8.3%

2020 NORTHERN NEW JERSEY RETAIL MARKET SNAPSHOT

Existing Inventory Total Period 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

Source: Costar

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WESTFIELD GARDEN STATE PLAZA (3 Minutes)

PARAMUS JUNCTION (5 Minutes)

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ARCOLA COUNTRY CLUB

PARAMUS TOWN SQUARE (10 Minutes)

6 SPRING VALLEY ROAD | PARAMUS, NJ 15 This Offering Memorandum was prepared on March 1st, Property are advised and encouraged to conduct their 2021 by Cushman & Wakefield (“Broker”) solely for the own comprehensive review and analysis of the Property. use of prospective buyers (each a “Buyer”) of the real The Offering Memorandum is a solicitation of interest only property commonly known as 6 Spring Valley Road (the and is not an offer to sell the Property. Owner expressly “Property”). Neither Broker nor the owner of the Property reserves the right, in its sole and absolute discretion, to (“Owner”) makes any representation or warranty, express reject any or all expressions of interest or offers to purchase or implied, as to the completeness or the accuracy of the the Property and expressly reserves the right, in its sole material contained in the Offering Memorandum. and absolute discretion, to terminate discussions with any Prospective Buyers of the Property are advised (i) that potential Buyer at any time with or without notice. Owner changes may have occurred in the physical or financial shall have no legal commitment or obligation to any party condition of the Property since the time this Offering reviewing the Offering Memorandum or making an offer Memorandum or any financial statement therein was to purchase the Property unless and until a written real prepared and (ii) that no projections were made herein. estate purchase and sale agreement is executed by Owner Other than historical revenue and operating expense and Buyer. figures for the Property, Owner has not provided, and The Offering Memorandum is confidential. As a condition shall not provide, Broker or any prospective Buyer with to receiving this Offering Memorandum, Buyer has any income and expense figures, budgets or projections executed the Confidentiality Agreement attached hereto. regarding the Property. Prospective Buyers of the

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Cushman & Wakefield, Inc. One Meadowlands Plaza, 7th Floor T +1 201 935 4000 Capital Markets Group East Rutherford, NJ 07073 F +1 201 804 0064 E [email protected]

FOR MORE INFORMATION, PLEASE CONTACT:

INVESTMENT SALES FINANCING

Brian J. Whitmer Peter Welch John Alascio Vice Chairman Financial Analyst Executive Managing Director +1 201 508 5209 +1 908 938 9716 +1 212 841 9238 [email protected] [email protected] [email protected]

Seth Pollack Chuck Kohaut Director Director +1 201 508 5322 +1 201 528 2154 [email protected] [email protected]