Somerset County retail center sells for $12.95M

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Located on Hamilton Street in Somerset, the Franklin Court retail center sold for $12.95 million, Cushman & Wakefield announced Aug. 16.

The 42,116-square-foot retail center at 920 Hamilton St. is anchored by a Walgreens and KFC—both of which are drive-thru equipped.

Near Route 27, the site is also within 3 miles of Rutgers University and New Brunswick.

Cushman & Wakefield’s Andrew Schwartz, Jordan Sobel, Seth Pollack and Andre Balthazard represented the seller, Westfield-based Adoni Property Group, and procured the buyer, LJL Realty Co., in the transaction.

“Franklin Court is a strategically located shopping center, offering convenience and accessibility to its dense surrounding residential population,” Sobel said. “This asset has experienced historically strong occupancy and offers a solid in-place cash flow with an unbeatable tenant mix.”

The sale comes of the heels of another retail property transaction announced by Cushman & Wakefield earlier this month that also involved Schwartz, Sobel and Balthazard. In Passaic County, the firm arranged the sale of an 88%-leased center anchored by a Planet Fitness and Valley Health urgent care for $8.65 million.