Ron Mahr, senior vice president of Weichert Commercial Brokerage, represented the seller--the Hazard Reeves Family Trust--in the transaction. "We are very pleased to have sold this facility and be awarded the exclusive assignment to market a new retail center," he says. "The new retail center offers an excellent opportunity for tenants looking to prosper at a thriving location with high visibility located right off Route 17. We anticipate a great demand."
Mahr notes that the property had been under contract for about a year while Lantini sought municipal approvals for the retail conversion of the project. The Duck Cedar Inn was at one time a very popular destination but fell on hard times in recent years. The restaurant closed two-and-a-half years ago after more than 45 years in business.
"The new owner plans to put significant dollars in improvements to the property," Mahr says. Tenants could begin taking occupancy of space at the property by the fall of this year.
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