The Festival Plaza retail center in Edison has sold for $53 million, according to real estate firm CBRE.
The 151,763-square-foot, fully leased center, anchored by H Mart, a premier Asian grocery, is located on Route 27. The center was sold by Edison I LLC to a local private investor.
CBRE’s team of Jeffrey Dunne, David Gavin and Travis Langer represented the owner and procured the buyer in the deal.
“The highly complementary, synergistic rent roll at the center, comprised of a high-volume grocer, spa, restaurants, banking and medical tenants, caters to the surrounding Asian demographic, drawing from a wide trade area and creating a truly unique shopping experience,” Dunne said in a prepared statement. “The property’s strong rent roll and long-term leases should provide stable cash flow to the buyer.”
CBRE’s Metro New York National Retail Partners team is handling investment opportunities in New York and Connecticut, in addition to New Jersey.