393 Park Ave. in Scotch Plains — Courtesy: The Boniakowski Commercial Real Estate Group
By Joshua Burd
A tenant at a newly renovated mixed-use building in Scotch Plains has acquired the property, according to The Boniakowski Commercial Real Estate Group.
The brokerage firm, which represented both parties, said the seller upgraded the property at 393 Park Ave. as part of the township’s redevelopment plan. The now-former owner then rented out the two renovated apartments and retail space, drawing interest from one of the existing tenants.
“They felt the value of owning the building met their investment strategy and the transaction was completed within three weeks,” Boniakowski said in a news release.
Todd Gannet, a senior vice president with the Green Brook-based firm, brokered the sale. Terms were not disclosed.
