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Aviation Plaza Sells for $92M

LINDEN, NJ-The deal covers about 70% of the 642,000-sf power center, with anchor Home Depot owning its own building.

By Eric Peterson | Updated on September 03, 2008

LINDEN, NJ-Aviation Plaza, a 642,500-sf power center along Route 1 and 9 in this Union County community, has been sold for just less than $92.4 million. Because Home Depot owns its own building, the transaction actually covers about 443,100 sf of that total space, so the trade factors out to just more than $208 per sf.

Milbrook Properties of Manhasset, NY now owns the six-year-old asset, picking it up from Aviation Tower LLC. Aviation Plaza was acquired as part of a 1031 exchange, reports Jeffrey Dunne, who with CB Richard Ellis’ New York Institutional Group colleague Todd Newman arranged the sale. In conjunction with Jim Gunning of CBRE Melody, the brokers also picked up financing for Milbrook of an undisclosed amount from Principal Real Estate Investors.

“This is the third 1031 sale that we’ve completed for Milbrook over the past 18 months,” Dunne tells GlobeSt.com. “They are buying great real estate with Aviation Plaza, and they should fare very well with this investment. It’s an outstanding collection of best-in-class tenants.”

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