LINDEN, N.J. — CB Richard Ellis (CBRE) has brokered the sale of Aviation Plaza, a grocery-anchored shopping center located in Linden, for $92.35 million. Included in the sale was approximately 443,101 square feet of the approximately 642,458-square-foot property. A recently constructed pad site that contains a theater, a bank and a restaurant was not included in the sale. Aviation Plaza is anchored by ShopRite; additional tenants include Target, The Home Depot, AMC Theatres, Marshalls, Staples, Old Navy and A.C. Moore. Jeffrey Dunne and Todd Newman of CBRE’s New York Institutional Group represented the seller, Aviation Tower LLC, and procured the buyer, Long Island, New York City-based Milbrook Properties, which was participating in a 1031 exchange. The team also joined with Jim Gunning of CBRE Melody to procure the acquisition financing through Principal Real Estate Investors. The same CBRE team had arranged the previous sale of Aviation Plaza to Aviation Tower LLC in 2003, as well as the sale of the pad site to Aviation Tower this year.
A.C. Moore is one of the tenants at Aviation Plaza, a 642,458-square-foot shopping center located in Linden, N.J.
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