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Larkin pays $16m for NJ office/retail complex.

Larken Associates announced the acquisition of Echo Executive Plaza and Echo Plaza Shopping Center, a 107,448 s/f retail and office complex located at 899 and 901 Mountain Avenue in the Union County, N.J. Town of Springfield.

The purchase price was $16.3 million and the seller was Paragano Development, LLC.

Hillsborough-based Larken, which owns and manages commercial projects totaling more than 1.5 million square feet in New Jersey and Pennsylvania, plans extensive renovations and upgrades to the facility which includes The Echo Plaza Shopping Center, a 66,000 s/ f retail complex and 350 surface parking spaces and the Echo Executive Plaza Office Building, a three-story, 40,880 s/f professional office building.

Work is expected to begin shortly on the renovation plan which will include a new exterior facade and roof, new tenant signage, new marquee sign and exterior landscaping at Echo Plaza Shopping Center, as well as a new lobby, common bathrooms and corridors at Echo Executive Office Building.

"Location and visibility played key roles in our decision to purchase Echo Executive Plaza," said Victor Kelly, vice president of Raider Realty, exclusive broker for Larken Associates.

Echo Plaza Shopping Center features suites ranging in size from 1,500 to 24,757 s/f. Currently anchored by Big Lots, the center includes additional tenants such as Outback Steakhouse, Sherwin Williams, Echo Cleaners and Spring Liquors.

Leasing is now open for available suites at the center which begin from 2,400 s/f and up.

Office suites are also currently available for lease at Echo Executive Plaza Office Building. The three available spaces can be separated or combined to create availabilities of 1,401 s/f, 2,735 s/f, 3,500 s/f or 4.136 s/f.

The three-story, class A office building lies on a 2.39-acre landscaped site which features 160 surface parking and 20 covered parking spaces. The building offers modern amenities, including 10-foot first-floor ceilings, second and third floor balconies and extensive frontage along Route 22 and Mountain Avenue.
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Comment:Larkin pays $16m for NJ office/retail complex.
Publication:Real Estate Weekly
Date:Mar 11, 2009
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