Marc Shein & Robert V. DiLeo broker $5.5M Deal for Sam Ash Properties Corp.
Edison, NJ — NAI DiLeo-Bram & Co. (NAIDB) has arranged the $5.5 million sale of a 21,929 s/f retail center located at 1825 Rte. 27 in the Middlesex County township of Edison. The firm’s brokerage team of Marc Shein, senior vice president, and Robert V. DiLeo, associate vice president, represented the seller, Sam Ash Properties Corporation. The unnamed buyer is an out-of-state grocer of culturally diverse foods with plans to establish a New Jersey flagship location.
“Ideally suited for a user/investor, we identified a wide range of potential buyers as part of our customized property-offering strategy,” said Shein, a 35+ year industry veteran who joined NAIDB in 2014. “Following the competitive bid process, the buyer’s offer was accepted and closed quickly.”
Shein attributes the high level of interest from both investors and users to the property’s excellent four-way intersection location and Rte. 27 [Lincoln Highway] frontage. Situated on 1.29 acres, the busy corner-retail property features two buildings: one that is 13,769 s/f plus basement and was delivered vacant and another that includes three fully rented units totaling 8,160 s/f. There is ample parking for 64 passenger vehicles as well as proximity to a NJ Transit bus stop, Edison Station and an abundance of highways, including I-287, US Rte. 1, NJ Rte. 18 and I-95.
According to DiLeo, the property is at an important regional business-corridor crossroads with a multicultural population, extremely favorable demographics and high vehicle-traffic counts. “When combining Rte. 27 and Plainfield Avenue alone, the parcel records a 50,000+ per-day vehicle count and is at the heart of a densely populated, high-income area,” he said.
Nearby retailers include a host of local, regional and national dining and retail establishments, including Costco, Dunkin, Papa Johns, Wells Fargo, HSBC Bank, Citizens Bank, Pizza Hut, Kumon, Meineke, Verizon, Burger King, TD Bank, 7 Eleven, Paris Baguette. In the transaction, the buyer was represented by ReMax First Realty.
This is the second retail sale in recent months for Shein and DiLeo, who also orchestrated the $8.55M sale of a 69,750 s/f supermarket-anchored retail center on behalf of the seller in nearby Middlesex.
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