1825 Route 27 in Edison — Courtesy: NAI DiLeo-Bram & Co.
By Joshua Burd
A specialty grocer has acquired the longtime home of the shuttered Sam Ash Music store in Edison for $5.5 million, in a newly announced deal by NAI DiLeo-Bram & Co.
The unnamed buyer, an out-of-state business specializing in culturally diverse foods, now plans to establish a New Jersey flagship location after buying the 21,929-square-foot retail property at 1825 Route 27. NAIDB Senior Vice President Marc Shein and Associate Vice President Robert V. DiLeo represented Sam Ash Properties Corp. in the sale, which comes after the iconic musical instrument retailer announced this year that it would close dozens of stores.
- RE/MAX First Realty represented the buyer.
- “Ideally suited for a user/investor, we identified a wide range of potential buyers as part of our customized property offering strategy,” Shein said. “Following the competitive bid process, the buyer’s offer was accepted and closed quickly.”
Shein said the property’s location at a four-way intersection and frontage on Route 27 sparked a high level of interest from both investors and users, adding that the 1.29-acre corner property comprises two buildings. They include one that is 13,769 square feet plus a basement and was delivered vacant and another that includes three fully rented units totaling 8,160 square feet.
The site also has parking for 64 passenger vehicles and is close to NJ Transit bus and rail service and a host of highways, including Interstate 287, routes 1 and 18 and the New Jersey Turnpike.
- DiLeo, meantime, cited the importance of the intersection and the surrounding business district, a multicultural population, extremely favorable demographics and high vehicle traffic counts. Nearby retailers include local, regional and national dining and retail establishments such as Costco, Dunkin, Papa Johns, Wells Fargo, HSBC and others.
“When combining Route 27 and Plainfield Avenue alone, the parcel records a 50,000-plus per-day vehicle count and is at the heart of a densely populated, high-income area,” DiLeo said.
The deal follows another recent sale brokered by Shein and DiLeo, who also arranged the $8.55 million trade of a 69,750-square-foot supermarket-anchored retail center on behalf of the seller in nearby Middlesex Borough.