Festival Plaza in Edison — Courtesy: CBRE
By Joshua Burd
A private investor has paid $53 million for a grocery-anchored, 153,000-square-foot shopping center in Edison, according to CBRE brokers who arranged the deal.
The firm said it represented Edison I LLC in its sale of the property, Festival Plaza at 1761 Route 27. Its new owner takes over a fully leased, recently renovated property that is anchored by H Mart, the upscale Asian grocery chain.
Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners marketed the building and procured the buyer, a local investor. They cited the recent sales growth at the complex and the strong surrounding demographics, highlighted by average household incomes of $93,835 within three miles and a population of 131,555.
“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,” Dunne said. “The property’s strong rent roll and long-term leases should provide stable cash flow to the buyer.”
