2650 Route 22 in Scotch Plains — Courtesy: NAI James E. Hanson
By Joshua Burd
The new owner of a service station in Scotch Plains is set to modernize the 2,000-square-foot property, following a transaction brokered by NAI James E. Hanson.
In a news release, the firm announced the transaction at 2650 Route 22 after marketing the site on behalf of the seller, Scotch 22 LLC. Brokers identified the buyer as Saurav & Cagan Mgt. LLC, which plans to upgrade what is currently a Citgo station on 0.65 acres.
Terms were not disclosed.
NAI Hanson’s Gary Sauerborn and Dominic Fittizzi represented the seller, touting a location along one of the state’s busiest highways. The property has access points from both Route 22 and Mountain Avenue, along with 20 parking spaces and three double-wall fiberglass storage tanks installed in 2008.
“Early on in our marketing process of this service station, we recognized the great opportunity it presented as an investment opportunity for prospective buyers,” Sauerborn said in a prepared statement. “With this in mind, we were able to leverage the property’s frontage on Route 22 and dual access points to attract an investor that was looking for an ideal value-add opportunity in one of the state’s hottest markets.
“This latest deal speaks to our team’s ability to effectively market our clients’ spaces to attract buyers and negotiate deals at a fair market value in line with the best usage for the property.”
