Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the owner, Edison I, LLC, in the sale of Festival Plaza in Edison for $53 million. The team was also responsible for procuring the buyer, a local private investor.
Festival Plaza is a 151,763± SF, recently redeveloped, high volume grocery anchored center situated directly on Route 27 (25,600± cars per day) in Edison. The center is fully leased and anchored by H Mart, the premier Asian grocer with 61 locations throughout the United States, which caters to the surrounding demographic and has experienced strong sales growth at the center. In addition, the center benefits from the strong nearby demographics, highlighted by average household incomes of $93,835 within three miles and a population of 131,555. The population within five miles of the center increases to over 292,000.
Dunne commented, “The highly complementary, synergistic rent roll at the center, comprised of a high-volume grocer, spa, restaurants, banking and medical tenants, caters to the surrounding Asian demographic, drawing from a wide trade area and creating a truly unique shopping experience. The Property’s strong rent roll and long-term leases should provide stable cash flow to the buyer.”
CBRE’s Metro N.Y. National Retail Partners team has a number of attractive investment opportunities currently available, including The Source, a Whole Foods anchored center in Downtown White Plains, NY; Ansonia Landing, a Stop & Shop anchored center in Ansonia, CT; BJ’s Plaza, a 95,846-square-foot BJ’s-anchored center in Batavia, N.Y.; Milford Crossing, a dominant Walmart-anchored center adjacent to the Connecticut Post Mall on Route 1 in Milford, CT.; and Clinton Commons, a ShopRite-anchored center on Route 1 in Clinton, CT.
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