May 17, 2018 Comments Off on Grocery-Anchored Center in Edison Trades for $53M Views: 3217 New York News, Tri-State Area New York

Grocery-Anchored Center in Edison Trades for $53M

A CBRE Retail Partners team of Jeffrey Dunne, David Gavin and Travis Langer represented owner Edison I LLC in the $53-million sale of Festival Plaza in Edison, NJ. The team also procured the buyer, a local private investor.

Festival Plaza is a 151,763-square-foot, grocery-anchored center situated directly on Route 27 in Edison. Fully-leased and recently redeveloped, it’s anchored by Asian grocer H Mart, which caters to the surrounding demographic.

“The highly complementary, synergistic rent roll at the center, comprised of a high-volume grocer, spa, restaurants, banking and medical tenants, caters to the surrounding Asian demographic, drawing from a wide trade area and creating a truly unique shopping experience,” said Dunne. “The property’s strong rent roll and long-term leases should provide stable cash flow to the buyer.”

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