NAI James E. Hanson has negotiated the sale of Bridgewater Shops, a five-building, 41,589-square-foot retail property for $8.2 million, according to a Monday announcement.
NAI James E. Hanson’s Team Lizzack-Horning, comprised of Darren Lizzack and Randy Horning, represented the seller, Cedar Hill Associates LLC, in the exclusive transaction.
Located at 1300 Prince Rodgers Ave., Bridgewater Shops offers highly adaptable retail space that is home to a variety of tenants, including PNC Bank, Edible Arrangements, Thai Kitchen, Wisteria Health and Y2 Academy. The property is located just off Interstate 287 with easy access to nearby Routes 22 and 202 as well as several retail and office complexes, including Somerset Corporate Center, Bridgewater Commons and the Village at Bridgewater Commons.
“Well-located retail centers like Bridgewater Shops continue to present attractive investment opportunities with strong potential,” Horning said. “We’re thrilled to have been able to help our client secure high value for this asset, and we wish them all the best going forward.”
To help with the marketing and sale of the property, Team Lizzack-Horning leveraged Ten-X, an innovative online commercial real estate auction platform. The auction process allows brokers and sellers to generate a wide range of qualified leads and minimize the time it takes to close on commercial properties. Team Lizzack-Horning listed 1300 Prince Rodgers Ave. for auction and received and accepted an offer from the buyer before the live auction date. The auction process was instrumental in expediting the disposition of this asset as a result of all due diligence being completed in advance, coupled with the fact that the buyer’s offer was not subject to any financing.
