SRS Real Estate Partners announced it has completed the $14.29 million sale of a newly built, 41,000-square-foot retail property occupied by LA Fitness which opened its doors in November 2023. Situated on a 4.94-acre site at 950 W. Edgar Road in Linden, NJ, the property is within Legacy Square Shopping Center.
SRS Capital Markets SVP & Managing Principals Kyle Fant and Britt Raymond, and Senior Managing Principals Matthew Mousavi and Patrick Luther, represented the seller, Dallas-based developer Cypress Equities and San Francisco-based investment firm Stockbridge Capital Group. Josh Kanter and Tony D’Ambrosia of NNN Pro represented the private 1031 exchange buyer based in the Midwest. Chris Marks with Marcus Millichap Capital Corporation arranged CMBS financing.
Legacy Square Shopping Center is a newly built property that, in addition to LA Fitness, includes Walmart Supercenter, Chick-fil-A, Starbucks, Wawa, Panera, and Taco Bell, among others. This transaction marks in excess of $92 million across eight property sales as part of a break-up strategy on behalf of the seller of the asset.
“This is a high-profile fitness transaction financed through a CMBS structure, highlighting the strength and appeal of the asset,” said Fant. “This property presents the new ownership with a stable, high-quality asset within a densely populated area that is part of greater New York City market.”
He noted that SRS will soon be listing the two remaining outparcels at the property which include Wawa and Spark Car Wash. This will complete the seller’s exit strategy for the center.
Linden, NJ is just 20 miles from Manhattan and 11 miles from Newark, NJ.
Year-to-date, SRS Capital Markets has completed approximately $1 billion in deal volume comprised of 240 transactions in 45 states. SRS currently has in excess of 659 properties actively on the market with a market value surpassing $3.2 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.