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All-Cash Buyer Snags MXD Project

SPRINGFIELD, NJ-With debt difficult to come by, an all-cash buyer has an advantage today. That's what enabled Larken Associates to buy Echo Plaza, a retail/office complex along Route 22 here.

By Maria Wood | Updated on February 20, 2009

SPRINGFIELD, NJ-In an all-cash deal, Larken Associates paid $16.3 million for Echo Plaza, a 107,448-square-foot, retail-and-office complex along Route 22 here. Viewed as a value-add play, the new owner intends to make significant capital investments and pursue an aggressive leasing strategy.

In a release announcing the deal, Andrew Merin of Cushman & Wakefield, says that there was a limited pool of potential buyers for the property. “Not all regional owners focus on both retail and office, and even fewer are able to make an all-cash purchase,” he says. “In light of today’s difficult financing environment, especially for investors looking to acquire value-add properties, Larken Associates was the perfect buyer for Echo Plaza.”

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