The Shoppes at Colonial Village at 1-11 Lincoln Highway in Edison — Courtesy: Marcus & Millichap
By Joshua Burd
Weiss Realty is seeking a buyer for a more than 77,000-square-foot shopping center and office park in Edison, in a newly announced offering by Marcus & Millichap.
According to the brokerage team, The Shoppes at Colonial Village occupies more than five acres at the corner of Parsonage Road and Route 27, less than a mile from Route 1 and the Menlo Park Mall. It’s also across the street from JFK University Medical Center and minutes from NJ Transit’s Metropark station and the Garden State Parkway, while there are more than 315,000 residents within a five-mile radius and an average annual household income of more than $162,000 within one mile.
Marcus & Millichap’s Alan Cafiero and Brent Hyldahl are listing the five-building, 77,096-square-foot property, which has an asking price of $22 million.
“This extraordinarily well-maintained property is currently 91 percent occupied by over 50 tenants that produce a diversified rental income stream,” said Cafiero, a senior managing director for investments in Marcus & Millichap’s New Jersey office. “An incoming investor can gain upside through lease-up of renting existing vacancies and bringing rents to market level.”
Built in 1973 and renovated in 2017, The Shoppes at Colonial Village is home to retail tenants such as Italian seafood restaurant LouCas, Frappe Joe Coffee and Bernstein Fashions, according to a news release. The offices are home to educational services and a host of health care users.
“After receiving multiple unsolicited offers for this asset and consulting with several brokers, we’ve hired Marcus & Millichap to exclusively market The Shoppes at Colonial Village for sale,” said Jaime M. Weiss, president of Moonachie-based Weiss Realty and managing member of Colonial Village Associates LLC.
