The Kislak Co. said it recently sold a 28,300-square-foot mixed-use retail and office property at 2313-2325 Plainfield Ave. in South Plainfield, Middlesex County, for $3.4 million.
The property, known as LaCosta Plaza, consists of two buildings — Building A with 8,000 square feet and Building B with 20,300 square feet — on 2.53 acres.
Kislak marketed the property on an exclusive basis on behalf of the seller, RJC Inc., with sales associate Max Levinston handling the assignment, and he also procured the purchaser, which was not disclosed.
Levinston commented: “We marketed the property exclusively on behalf of the seller, which had owned it for nearly 70 years, and procured a dozen offers. Despite numerous market-related challenges, we proceeded with a purchaser that ultimately closed on an all-cash basis. Many of the rents are below market, which appealed to the purchaser given the potential upside.”
Building A was built in 1956 and is a one-story retail building with seven fully occupied spaces. Building B was built in 1977 and is a two-story mixed-use building with four fully occupied retail spaces on the first floor and eight offices with elevator service on the second floor, four of which are occupied.
Building B is anchored by a Wells Fargo branch with a drive-through, which space is earmarked for a new tenant upon the bank’s upcoming lease expiration. The balance of the existing retail tenants includes a mix of national and independent retailers.
Executive Vice President Matt Weilheimer, who provided support and guidance to Levinston, added: “This was one of the most challenging transactions that I have experienced given the Wells Fargo lease expiration and difficult debt market. Max overcame those challenges and completed the sale to the satisfaction of the seller and purchaser.”
The property is well-located on Plainfield Avenue with ample parking and excellent signage and visibility. There is a bus stop at the property, which is a short walk to South Plainfield High School and Middle School. Other area retailers include CVS, 7-Eleven and Quick Check. South Plainfield is a borough in Middlesex County with a growing population situated approximately 35 miles southwest of New York City. It is located in the heart of the Raritan Valley. As of the 2020 census, the borough’s population was 24,338, a 4.1% increase from the 2010 census, which in turn reflected an increase of 7.2% from the 2000 census.