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Strong market prompts 275,000 s/f mall sale.

Wharton Realty Group, Inc. (Eatontown, NY) has purchased Linden Plaza, a 275,000-square-foot shopping center in Linden, New Jersey, from a subsidiary of Starwood Heller, LLC.

Cushman & Wakefield's Metropolitan Area Financial Services Group (FSG) orchestrated the transaction.

Located on 24 acres at 1601 West Edgar Road, Linden Plaza is 99 percent leased. Its tenant roster includes Wal-Mart, Modell's, Dress Barn, Fashion Bug, Party City, Rag Shop, Lucille Roberts, Sleepy's and Food Mart International.

According to Jose R. Cruz, a director with the Metropolitan Area FSG, Linden Plaza's strong leasing history, highway location and revenues were key in attracting the buyer.

"Wharton Realty Group has added a solid asset to its portfolio," he said. "This is a mature center that has enjoyed increased sales figures throughout its history. The property occupies an attractive location in a mixed-use neighborhood, with other successful retail sites nearby."

The Linden Plaza disposition represents the latest assignment completed by the Metropolitan Area FSG on behalf of subsidiaries of Starwood Heller, LLC.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 7, 2004
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