242 Lincoln Blvd. in Middlesex Borough — Courtesy: NAI DiLeo-Bram & Co.
By Joshua Burd
A private seller has completed its trade of a nearly 70,000-square-foot, grocery-anchored retail asset in Middlesex Borough, brokers with NAI DiLeo-Bram & Co. announced.
The transaction, which was valued at $8.55 million, preceded the opening of a new SuperFresh store at the Lincoln Boulevard property, NAIDB said. The firm’s Marc Shein represented the seller, noting that the fully renovated store occupies 57,000 square feet that previously housed Price Saver.
“SuperFresh Middlesex brings a much-needed supermarket back online within the borough to meet the daily grocery needs of about 294,000 people within a five-mile radius,” said Shein, a senior vice president, who spearheaded the NAIDB brokerage team that included Robert V. DiLeo, associate. “This modern neighborhood retail center also attracted the buyer because of its high-visibility presence along one of the most-traveled commercial districts in the area and walkable proximity to an adjacent 200-unit multifamily development.”
Bennett Realty & Development represented the undisclosed buyer in the deal at 242 Lincoln Blvd., which spans 3.9 acres adjacent to The View Apartments, NAIDB said. It’s also less than two miles from The Lofts at Middlesex, a separate development with 146 apartments on South Lincoln Boulevard, as well as other key residential neighborhoods near the borough’s main commercial districts.
Part of the Key Food Stores cooperative, SuperFresh Middlesex is the chain’s second-largest store behind Linden and part of Food World Market, a grocery-store company specializing in West Indian, Asian and American products, NAIDB said. The 69,750-square-foot property also has 6,300 square feet of second-floor office space and a separate 6,115-square-foot liquor store tenant, along with seven loading docks, a compactor pad and more than 200 parking spaces.
