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New York & Tri-State  + Tri-State  + Retail  | 

Grocery-Anchored Center in Edison Trades for $53M

A CBRE Retail Partners team of Jeffrey Dunne, David Gavin and Travis Langer represented owner Edison I LLC in the $53-million sale of Festival Plaza in Edison, NJ. The team also procured the buyer, a local private investor.

Festival Plaza is a 151,763-square-foot, grocery-anchored center situated directly on Route 27 in Edison. Fully-leased and recently redeveloped, it’s anchored by Asian grocer H Mart, which caters to the surrounding demographic.

“The highly complementary, synergistic rent roll at the center, comprised of a high-volume grocer, spa, restaurants, banking and medical tenants, caters to the surrounding Asian demographic, drawing from a wide trade area and creating a truly unique shopping experience,” said Dunne. “The property’s strong rent roll and long-term leases should provide stable cash flow to the buyer.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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