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LARKEN ASSOCIATES ACQUIRES RETAIL, OFFICE PROPERTY FOR $16.3 MILLION

SPRINGFIELD, N.J. — Larken Associates has acquired Echo Plaza, a mixed-use property located on Route 22 in Springfield, for $16.3 million. The property comprises a 66,568-square-foot neighborhood shopping center, as well as a three-story, 40,880-square-foot office building. The retail center is 71 percent leased to a tenant roster that includes Big Lots, Outback Steakhouse and Sherwin Williams. The office building is 91 percent leased to tenants that include financial, insurance and area service companies. David Bernhaut, Andrew Merin, Gary Gabriel and Jose Cruz of Cushman & Wakefield arranged the transaction, with John Garibaldi of GRC Management providing additional assistance for the seller, Paragano Development. The buyer plans to make significant capital improvements to the property in an effort to lease the vacant space.

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