Neuman Commercial Group LLC on July 28 announced the $8,600,000 sale of a 98,005-square-foot, mixed-use asset with retail fronting a primary commercial corridor and majority flex warehouse behind.
Located at 1600 N. Olden Ave. in Ewing Township, a submarket of Trenton, the asset was constructed in 1955 and sits on 6.7 acres. The recently renovated property is 98% occupied by seven national credit and regional tenants including Dollar General, Dunkin’ Donuts, R.E. Michel and the State of New Jersey DMV.
Neuman Commercial Group Principal Gil Neuman exclusively represented the seller, Black Oak Associates, in their fourth sales transaction together, and procured the private New Jersey buyer.
“The buyer acquired this unique asset all cash, with new and legacy long-term tenants in place,” stated Neuman, adding: “Their speed to secure the deal prior to our marketing speaks to the Mid-Atlantic commercial real estate market’s recent tremendous rebound across product types.”
Ewing Township lies within the New York Metropolitan Area, midway between New York City and Philadelphia, and near Trenton, Princeton and Lakewood. It is home to The College of New Jersey, State Police and Department of Transportation headquarters, New Jersey Manufacturers Insurers, Church & Dwight, Educational Testing Service (ETS) and publicly held CA Technologies, one of the world’s largest independent software corporations. The property is surrounded by 154,000 residents and 95,000 daytime population within 3 miles.