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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.

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