X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Sean Ryan is associate editor of Real Estate New Jersey.

EDISON, NJ-Wharton Realty Group has acquired the ShopRite-anchored Edison Mall for a price in excess of $20 million. The seller was GE Capital Real Estate.

The 105,000-sf retail center, located at Route 1 and Old Post Rd., is 100% occupied, including other tenants such as North Fork Bank and Dots. John Hoffman, Matthew Schnrr and Michael Harrington of the Grubb & Ellis Institutional Investment Team brokered the deal on behalf of GE Capital.

The transaction closed in a “highly compressed timeframe” of only 20 days from beginning to end, according to Schnrr, who says Wheaton saw the purchase as a value-added opportunity thanks to Edison Mall’s below-market leases. “The opportunity was highly contested by a host of institutional as well as private investors,” adds Hoffman.

Wheaton Realty Group is an Eatontown-based retail and office investor which used a 1031-exchange requirement to purchase the property. “Very rarely do you get a 1031 where everything works perfectly: the debt, the equity, the financing. This just blew everyone away,” Schnrr says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.