Chesler of Colliers International arranges $12.9 million sale of 30,000 s/f retail strip
EAST HANOVER, NJ — Colliers International has arranged the $12.9 million sale of a 30,000 s/f retail strip at 346 Route 10 in East Hanover.
The multi-tenanted, one-story building – occupied by Party City, Verizon Wireless, and Jersey Mike’s Subs – was purchased by The Klein Group from JEMB Realty, who had repositioned the property two years ago with upgrades to the facade, parking, HVAC systems, and roof.
“Through creative marketing using multiple traditional and digital channels, including Auction.com, we were able to achieve a strong price for this value-add property, which has good, in-place cash flow from its current tenants,” said Jacklene Chesler, managing director at Colliers International, who represented the seller and procured the buyer in the
transaction. “Trading at $430 psf, with 75 percent occupancy is not only indicative of the lively retail market, it also signals health of the overall commercial investment market.”
Chesler added that the remaining 25 percent of unoccupied space can be leased as one unit or divided into two, which presents significant upside for the new owner.
EASTON, PA — The Colliers’ Allentown team of Derek Zerfass and Scott Horner, facilitated a 15-year lease to The Tilted Kilt Pub and Eatery at 80 Kunkle Dr. in Easton.
Colliers represented the landlord and Jay Miller, from Fameco/CBRE, represented the tenant.
The site was a former Don Pablo’s restaurant which was sold for $1.05 million to an investment group in 2013. The Zerfass/Horner team facilitated that sale as well and was retained by the owner to secure an optimal tenant.