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$25M Takes Grocery-Anchored Strip

EDISON, NJ-Milbrook Properties picks up the 104,000-sf Edison Mall from a Wharton Realty entity for $243 per sf. A 68,000-sf ShopRite is the anchor.

By Eric Peterson | Updated on June 05, 2007

EDISON, NJ-Edison Mall, a grocery-anchored shopping center on Route 1 South here, has been sold. The 104,000-sf property traded for a number just shy of $25.3 million, which factors out to approximately $243 per sf.

The seller was Edison Mall Acquisition LLC, an entity controlled by Wharton Realty Group of Eatontown, NJ. The new owner of the eight-acre property is Milbrook Properties of Manhasset, NY, which used the transaction as part of a 1031 exchange. The deal was orchestrated by CB Richard Ellis, whose brokers represented the seller and brought the buyer to the table.

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