Echo Hill Plaza at 1128 Route 31 in Lebanon — Courtesy: Kislak Commercial Real Estate Services Inc.
By Joshua Burd
A private investor has added a 16,000-square-foot retail and office building in Hunterdon County, in a newly announced deal by Kislak Commercial Real Estate Services Inc.
The brokerage firm represented the seller and procured the buyer in the transaction at 1128 Route 31, the site of Echo Hill Plaza in Lebanon. The property traded for $1.275 million, Kislak added, touting its proximity to Interstate 78 and an attractive tenant mix.
“This was the buyer’s first acquisition of a building of this size, facilitated through an IRC Section 1031 exchange and supported by seller financing,” said Sara Soliman, a commercial sales and leasing associate with Kislak. “The offering presented an attractive investment opportunity and although the process involved various complexities, we worked through them diligently to ensure a successful closing.”
The Kislak Co. Inc. affiliate also said the property benefits from its wooded views, ample natural light and a well-maintained structure. The former Van Cleef Engineering professional building has an average of 25,000 vehicles pass by each day, while it’s located in an affluent county.
Soliman also recently secured a new beauty bar tenant for the property, Kislak said.
