EDISON – An unnamed grocer of culturally diverse foods has purchased the shuttered Sam Ash Music shop with plans to establish a New Jersey flagship location,
NAI DiLeo-Bram & Co. (NAIDB) arranged the $5.5 million sale of the 21,929-square-foot store at 1825 Route 27.
The firm’s brokerage team of Marc Shein, senior vice president, and Robert V. DiLeo, associate vice president, exclusively represented Sam Ash.
“Ideally suited for a user/investor, we identified a wide range of potential buyers as part of our customized property-offering strategy,” said Shein in a news release. “Following the competitive bid process, the buyer’s offer was accepted and closed quickly.”
Sam Ash Music here was among more than 40 locations nationwide that shuttered this year. Sam Ash was at one time considered one of the largest family-run musical instrument companies, serving musicians since in 1924. The company’s website indicates its New Jersey stores began opening in the late 1960s.
The property is at an important regional business-corridor crossroads with a multicultural population, extremely favorable demographics and high vehicle-traffic counts, according to DiLeo.
More:Edison warehouse sells for $8 million
“When combining Route 27 and Plainfield Avenue alone, the parcel records a 50,000+ per-day vehicle count and is at the heart of a densely populated, high-income area,” he said in the news release.
Nearby retailers include local, regional and national dining and retail establishments, including Costco, Dunkin’, Papa Johns, Wells Fargo, HSBC Bank, Citizens Bank, Pizza Hut, Kumon, Meineke, Verizon, Burger King, TD Bank, 7 Eleven and Paris Baguette.
This is the second retail sale in recent months for Shein and DiLeo, who also orchestrated the $8.55 million sale of a 69,750-square-foot supermarket-anchored retail center on behalf of the seller in Middlesex Borough.
Brad Wadlow is a staff writer for MyCentralJersey.com
This post was originally published on this site be sure to check out more of their content
