Muvico, which combines upscale architecture, expanded foodservice menus and other amenities at its properties, will have seating for about 4,000 at its newest venue, according to Hamid Hashemi, the company's president. The terms of the deal were not disclosed.
Aviation Plaza, which was developed by the Fairfield, CT-based Starwood Ceruzzi on the site of the defunct Linden Airport, was sold last year by the developer to Tower Fund, a core commingled fund managed by the Morristown, NJ-based SSR Realty Advisors. The sale covered 388,000 sf and its underlying 39 acres--Home Depot owns its own building at the complex. The portion of the center that was sold traded for a price tag of $54.5 million.
Besides Home Depot and Muvico, other retailers at Aviation Plaza include Target, ShopRite, Staples, Marshalls, Michaels, Applebee's and Starbucks. Earlier this year, the North Plainfield, NJ-based Levin Management Corp. picked up the management and leasing assignment for the property.
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