EDISON, NJ-Edison Mall, a grocery-anchored shopping center on Route 1 South here, has been sold. The 104,000-sf property traded for a number just shy of $25.3 million, which factors out to approximately $243 per sf.

The seller was Edison Mall Acquisition LLC, an entity controlled by Wharton Realty Group of Eatontown, NJ. The new owner of the eight-acre property is Milbrook Properties of Manhasset, NY, which used the transaction as part of a 1031 exchange. The deal was orchestrated by CB Richard Ellis, whose brokers represented the seller and brought the buyer to the table.

“Edison Mall is in the Route 1 corridor in Middlesex County, a dense residential and retail market that has historically enjoyed low vacancy and rising rents,” says Jeffrey Dunne of CBRE’s New York Tri-State Region Institutional Group, who co-brokered the deal with colleague Christopher Leonard. “The credit rent roll and high historical occupancy should provide Milbrook with strong and stable cash flow for the long term.”

The property was 100% leased at the time of sale, with a 68,000-sf ShopRite supermarket as the anchor tenant. ShopRite has been at the location for more than four decades, while the rest of the shopping center was constructed in the mid-1970s and renovated in 1986. Other current tenants include Party Fair, which occupies more than 12,000 sf, Dots North Fork Bank and Hollywood Tanning.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


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 © 2024 ALM Global, LLC. All Rights Reserved.