LINDEN, NJ—Lamar Companies sold its Linden Commons, a 115,500-square-foot, fully-leased, retail center in Linden, NJ, to Prestige Properties & Development for $30.5 million, capping an 18-month turnaround and transformation project.
"This acquisition far outperformed our expectations, as we were able to stabilize a vacant center within 18 months by capitalizing on the strong tenant demand for class A centers in dense infill locations in the Northern New Jersey market," says Ralph Pugliano of Lamar Companies.
Linden Commons was originally built in 1955 and renovated and reconfigured in 2014 from a single-tenant retail center to the one-building multi-tenant center it is today. The property is 100 percent leased to eight tenants, including Burlington Coat Factory, Blink Fitness, T.J. Maxx, Buffalo Wild Wings and Sprint. Situated on 10.74 acres at 1701 West Edgar Road (Route 1 and 9), Linden Commons is located in the southern part of Linden, about 12 miles southwest of Manhattan.
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