651 Route 22 in Readington — Courtesy: Cushman & Wakefield
By Joshua Burd
A private investor has picked up a nearly 12,000-square-foot retail center in Readington for $2.775 million, brokers with Cushman & Wakefield announced this week.
According to a news release, the property at 651 Route 22 was fully occupied at the time of the sale and benefits from a highway location that’s easily accessible to customers. That generated strong investor interest throughout the marketing process, the listing team said, while also touting updates such as a new roof and HVAC systems, electrical upgrades and significant exterior enhancements.
Cushman’s Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri represented the seller, 651 Route 22 East LLC.
“This transaction demonstrates the continued investor demand for well-located, fully leased neighborhood retail properties with stable cash flow and long-term upside,” Bottiglieri said. “651 Route 22 presented a compelling investment opportunity, combining full occupancy, strong visibility along one of the region’s primary commercial corridors and the potential for future value creation.”
Built in 1960 and extensively renovated in 2018, the 11,800-square-foot center is home to a mix of neighborhood-serving retail and service tenants, the news release said. The 1.15-acre property, which has ample on-site parking, has significant frontage along Route 22 and is less than five miles from Interstate 78.
