Springfield Plaza, a grocery-anchored-style retail center along U.S. Route 22 in Springfield, NJ, has changed hands in a $20.1 million transaction, marking the property's first sale in four decades. The approximately 72,120-square-foot center is 97% leased and is situated at 271-275 U.S. Rte. 22, a highly trafficked commercial corridor in the community.
Cushman & Wakefield arranged the disposition on behalf of the longtime ownership and also sourced the buyer, Adoni Property Group. The brokerage team of Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri represented the seller while simultaneously working with Adoni Property Group to complete the acquisition. Terms beyond the purchase price were not disclosed.
According to the parties, the seller had held Springfield Plaza for roughly 40 years, investing in the property and maintaining it over that period. That long-term stewardship is cited as a key factor in the center's current performance and its high occupancy level. The asset comes to market with the majority of its space committed to established users, providing the buyer with an in-place rent roll at closing.
Adoni Property Group founder and CEO Sonny Adoni noted that the company was attracted to the property's stability and tenant profile along the Route 22 corridor. He described Springfield Plaza as a solid retail center with a roster of tenants that has helped sustain its strong leased percentage. Adoni indicated that the firm's business plan is to preserve the center's existing strengths and maintain its occupancy and merchandising quality over time.
Springfield Plaza's tenant mix spans national, regional and service-oriented concepts. Current occupants include Olive Garden, the New Jersey Motor Vehicle Commission (NJ MVC), Leslie's Pool Supplies, Goldfish Swim School, Golf Cube Social and Once Upon a Child. This combination of restaurant, government service, specialty retail, experiential and children's resale uses contributes to a diversified lineup that serves a broad customer base.
The center's location along Route 22 positions it within a well-known retail corridor that draws both local residents and pass-through traffic. With the sale, Springfield Plaza transitions from a long-held legacy ownership to a new institutional buyer that plans to build on the existing tenancy. Cushman & Wakefield's role in representing the seller and procuring the buyer underscores continued brokered activity for well-leased, convenience-oriented assets in established suburban corridors.
