Weekly Real Estate News
Summary
WS Development completed the acquisition of Tice's Corner, a roughly 120,000-square-foot retail center in Woodcliff Lake, New Jersey. Brokers involved reported a $109.5 million price, while the buyer's announcement did not disclose terms. The new owner plans tenant changes and public programming; no construction budget was announced.
WS Development has acquired Tice’s Corner, an open-air shopping center in Woodcliff Lake, New Jersey, in a transaction that brokerage firms involved in the sale valued at $109.5 million. The purchase brings a long-held Bergen County retail property into the portfolio of one of the country’s largest privately held shopping-center owners.
The buyer confirmed the acquisition in an October 30 account on its website, describing the roughly 120,000-square-foot center and plans to add retailers, restaurants and public programming. Its account did not disclose the price. Brokerage reporting based on statements from David Adam Realty and Cushman & Wakefield put the completed sale at $109.5 million, equivalent to about $913 per square foot using the rounded area.
The property sits at 441 Chestnut Ridge Road, near the intersection with Tice Boulevard. It opened in 2001 on land associated with Tice’s Farms, a local business dating to 1808. Its 28 stores and restaurants include Apple, Anthropologie, J.Crew, Free People, Madewell and Athleta, according to the buyer.
A property with a long ownership history
David Adam Realty’s president, David Waldman, represented seller WS Tice’s Inc., while Cushman & Wakefield managing director Joanna R. Manfro represented WS Development. The brokers described a competitive sale that was arranged without broad marketing. The buyer has not publicly disclosed the property’s current net operating income, capitalization rate or financing structure.
Older mortgage records provide a useful, if dated, window into the center. A commercial mortgage securitization document filed with the SEC describes a $50 million refinancing originated in December 2022 at a 6.42% mortgage rate, with a scheduled maturity in December 2032. The property was 98.7% leased as of November 29, 2022, according to the filing. Those figures describe conditions nearly four years before the sale; they are not evidence of today’s loan balance, occupancy or a payoff at closing.
The same filing lists the center at 119,197 square feet and identifies Waldman among the previous ownership interests. It reported a concentration of long-standing tenants, with 17 tenants occupying space for at least a decade at the time. The older disclosures help explain why a buyer might value the property’s established roster, although they cannot establish its present cash flow.
What’s planned under the new owner
WS Development says it intends to introduce additional brands and local businesses, particularly in beauty, wellness and dining, while adding art, outdoor gatherings and events. The company has not announced a construction budget, major redevelopment timetable or specific incoming tenants.
The acquisition follows another large retail deal covered by WRE News: Simon Property Group’s agreement to buy University Village in Seattle. Unlike that still-pending transaction, WS Development’s Tice’s Corner purchase has been described as completed. The two properties operate in different markets and the undisclosed economics of Simon’s deal offer no direct valuation comparison.
For retailers and leasing brokers in northern New Jersey, the immediate question is how aggressively the new owner will pursue tenant changes at a center that has historically relied on established national names. The buyer has outlined its strategy, but has not disclosed lease rollover schedules or announced a specific repositioning program.
