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

"Edison Mall is in the Route 1 corridor in Middlesex County, adense residential and retail market that has historically enjoyedlow vacancy and rising rents," says Jeffrey Dunne of CBRE's NewYork Tri-State Region Institutional Group, who co-brokered the dealwith colleague Christopher Leonard. "The credit rent roll and highhistorical occupancy should provide Milbrook with strong and stablecash flow for the long term."

The property was 100% leased at the time of sale, with a68,000-sf ShopRite supermarket as the anchor tenant. ShopRite hasbeen at the location for more than four decades, while the rest ofthe shopping center was constructed in the mid-1970s and renovatedin 1986. Other current tenants include Party Fair, which occupiesmore than 12,000 sf, Dots North Fork Bank and HollywoodTanning.