Regions Northeast | New Jersey
July 18, 2008
Ownership of Edison Commons, a 150,000-square-foot shopping center in Edison, N.J., has changed hands with AMC Delancey Group Inc.'s sale of the property to a subsidiary of MCC Realty Investments L.L.C. The retail asset fetched nearly $28.4 million. Carrying an address on Lincoln Highway near the New Jersey Turnpike, Edison Commons joined AMC Delancey's portfolio in 2003 when the real estate investment and development company acquired it as part of a two-property purchase. Five years later, AMC Delancey has realized a 22 percent internal rate of return on its investment in Edison Commons. The company's disposition of the property fits with its current strategy of focusing efforts on the senior living sector. Metro Commercial Real Estate Inc. and CB Richard Ellis co-brokered the transaction.
Ownership of Edison Commons, a 150,000-square-foot shopping center in Edison, N.J., has changed hands with AMC Delancey Group Inc.'s sale of the property to a subsidiary of MCC Realty Investments L.L.C. The retail asset fetched nearly $28.4 million. Carrying an address on Lincoln Highway near the New Jersey Turnpike, Edison Commons joined AMC Delancey's portfolio in 2003 when the real estate investment and development company acquired it as part of a two-property purchase. Five years later, AMC Delancey has realized a 22 percent internal rate of return on its investment in Edison Commons. The company's disposition of the property fits with its current strategy of focusing efforts on the senior living sector. Metro Commercial Real Estate Inc. and CB Richard Ellis co-brokered the transaction.
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