NAI James E. Hanson, a New Jersey-based commercial real estate firm, announced Tuesday it has brokered the sale of a 2,000-square-foot gas and service station on Route 22 in Scotch Plains.
NAI Hanson’s Gary Sauerborn and Dominic Fittizzi represented the seller of the .65 acre site, Scotch 22 LLC, in the exclusive deal.
The buyer, Saurav & Cagan Mgt. LLC, plans to upgrade the existing gas station. Currently branded as a Citgo, 2650 Route 22 has two access points from either Rout 22 or Mountain Avenue. The property also has 20 parking spaces.
“Early on in our marketing process of this service station, we recognized the great opportunity it presented as an investment opportunity for prospective buyers,” Sauerborn said.
“With this in mind, we were able to leverage the property’s frontage on Route 22 and dual access points to attract an investor that was looking for an ideal value-add opportunity in one of the state’s hottest markets. This latest deal speaks to our team’s ability to effectively market our clients’ spaces to attract buyers and negotiate deals at a fair market value in line with the best usage for the property.”
Financial terms were not disclosed.