2/20/2009

Cushman & Wakefield trades Echo Plaza for $16.3M

by

Echo Plaza

Larken Associates has acquired Echo Plaza, a mixed-use retail and office complex in Springfield, N.J., for $16.3 million from Paragano Development, LLC.

David Bernhaut, Andrew Merin, Gary Gabriel and Jose Cruz of Cushman & Wakefield negotiated the all-cash sale.

Echo Plaza is located along Route 22 in Springfield, a town approximately 10 miles east of Newark. It contains 66,568 square feet and was 71 percent leased at the time of sale to tenants including Big Lots, Outback Steakhouse and Sherwin Williams.

The property also contains a 40,880 square foot office building at 899 Mountain Ave., which is 91 percent leased to financial, insurance and area services companies.

Larkin plans to invest in capital improvements and an aggressive leasing program for Echo Plaza.

Address: Route 22, Springfield, N.J.

Size: 107,448 square feet

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Filed Under: Mixed Use

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