Prestige Properties & Development Acquires Property From Alex Brown Realty For $25.4M

The property asset involved in this transaction is a grocery-anchored retail center located at 50 Race Track Road, East Brunswick, NJ. The center comprises 117,000 square feet of retail space and is occupied by tenants including Aldi, Burlington, AutoZone, and Jersey Fine Wines. The property was sold for $25,400,000.00 and features a recently renovated building with additional tenants such as Starbucks, Supercuts, and Five Guys.

Summary of transaction details:

• Property Type: Retail Center
• Transaction Amount: $25,400,000.00
• Address: 50 Race Track Rd, East Brunswick, NJ
• Market: East Brunswick
• Seller: Alex Brown Realty
• Buyer: Prestige Properties & Development
• Seller's Rep: Kevin O’Hearn (JLL)
• Other Representatives: Jose Cruz, Michael Oliver, and Stephen Simonelli (HFF)

The transaction involved a partnership between MCB Real Estate and Alex Brown Realty, with Kevin O’Hearn of JLL serving as the seller's representative. The deal included multiple brokers working on behalf of the seller, contributing to the smooth execution of the sale.