The seller was the local Brancheforti family, and the deal wasbrokered by Cushman & Wakefield's Metropolitan Area CapitalMarkets Group, East Rutherford.
The existing vacant complex is known as Grand Plaza ShoppingCenter, and from the debris of its demolition will rise the180,000-sf Summerhill Square, its name a reflection of SummerhillRoad, along which the property has substantial frontage. Firstopened in 1955, Grand Plaza was known as Meyer's Shopping Centeruntil the early 1980s.
"Robert Pagano, president of new owner Pagano Real Estate, hasredesigned the entire site and will complete some road improvementsas part of the project," says David Bernhaut, who co-brokered thesale transaction with C&W colleagues Andrew Merin, Gary Gabrieland Jose Cruz. "The end result of this project will be a terrificasset for the community."
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