EAST BRUNSWICK, NJ—Prestige Properties and Development has acquired a 117,000-square-foot, fully leased, retail center anchored by an Aldi grocer store, at 50 Race Track Road in East Brunswick, NJ, for $23.375 million.
Holliday Fenoglio Fowler's team of senior managing director José Cruz, managing director Kevin O'Hearn and senior directors Michael Oliver and Stephen Simonelli marketed the property on behalf of the seller, a partnership between MCB Real Estate and Alex Brown Realty. Prestige purchased the property free and clear of any mortgage financing.
“Having brokered the sale of this property to the seller in 2013 after the space had been vacated by a Home Depot Villager and just prior to A&P/Pathmark's second bankruptcy filing, we are thrilled to arrange its sale again now that ownership has successfully carried out their repositioning strategy,” O'Hearn says.
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