2313-2325 Plainfield Ave. in South Plainfield — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The longtime owner of more than 28,000 square feet of retail and office space in South Plainfield has sold the complex for $3.4 million, in a deal arranged by The Kislak Co. Inc.
The brokerage firm represented RJC Inc. in its disposition of LaCosta Plaza, at 2313-2325 Plainfield Ave., which includes a 67-year-old retail building with 8,000 square feet and a 43-year-old mixed-use building with 20,300 square feet. It also procured the undisclosed buyer of the 2.53-acre property.
“We marketed the property exclusively on behalf of the seller, which had owned it for nearly 70 years, and procured a dozen offers,” said Kislak Sales Associate Max Levinston, who handled the assignment. “Despite numerous market-related challenges, we proceeded with a purchaser that ultimately closed on an all-cash basis. Many of the rents are below market, which appealed to the purchaser given the potential upside.”
In a news release, Kislak said the smaller building has seven fully occupied spaces, while the other structure has four fully occupied retail spaces on the first floor and eight offices with elevator service on the second floor, four of which are occupied. The latter is home to a Wells Fargo branch with a drive-through, whose space is earmarked for a new tenant upon the bank’s upcoming lease expiration, while the balance of the existing users includes a mix of national and independent retailers.
“This was one of the most challenging transactions that I have experienced given the Wells Fargo lease expiration and difficult debt market,” said Kislak Executive Vice President Matt Weilheimer, who provided support and guidance to Levinston. “Max overcame those challenges and completed the sale to the satisfaction of the seller and purchaser.”
The firm added that LaCosta Plaza has ample parking and a bus stop at the property, while it is within walking distance of South Plainfield’s high and middle schools. Other area retailers include CVS, 7-Eleven and QuickChek.
