Cushman & Wakefield announced it brokered the $20.1 million sale of Springfield Plaza, a 72,120-square-foot retail center located at 271-275 Route 22 in Springfield. The transaction marks the first time the highly visible property has traded hands in four decades.
The real estate advisory team of Andrew Schwartz, Jordan Sobel, André Balthazard, and Dan Bottiglieri from Cushman & Wakefield represented the long-term seller and procured the buyer, New Jersey-based Adoni Property Group.
At the time of sale, Springfield Plaza was 97% leased, supported by a diverse and established roster of national and regional tenants, including 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.
Positioned along one of Northern New Jersey’s primary commercial thoroughfares, the center features more than 350 parking spaces and offers exceptional visibility and access to a densely populated, high-income suburban trade area.
“Springfield Plaza represented a rare opportunity to acquire a well-established retail asset along one of Northern New Jersey’s most heavily traveled commercial corridors,” Jordan Sobel, director at Cushman & Wakefield, said. “The property’s strong tenant mix, longstanding presence in the market, and highly visible location along Route 22 made it an attractive investment opportunity. This transaction also reflects continued investor demand for stabilized retail properties with strong fundamentals in established suburban markets.”
The property’s sale highlights the durability and long-term value of well-maintained retail assets in suburban New Jersey markets. Under its previous stewardship, the asset maintained near-full occupancy through changing retail cycles over forty years.
“The previous owner held Springfield Plaza for 40 years and took good care of it, which is a big part of why it’s as well leased as it is today,” Sonny Adoni, founder and CEO of Adoni Property Group, said. “It’s a solid center on Route 22 with good tenants, and our plan is to keep it that way.”
Transaction overview & quick facts
| Feature | Details |
| Property Name | Springfield Plaza |
| Location | 271-275 Route 22, Springfield, N.J. |
| Sale Price | $20.1 Million |
| Square Footage | ~72,120 sq. ft. |
| Occupancy at Sale | 97% |
| Buyer | Adoni Property Group |
| Brokerage | Cushman & Wakefield |
| Notable Tenants | Olive Garden, NJ MVC, Leslie’s Pool Supplies, Goldfish Swim School |
