Commercial real estate firm Cushman & Wakefield has successfully arranged the $14.5 million sale of Veronica Plaza, a fully leased 33,608-square-foot retail center located in Somerset.
The transaction drew intense interest from the investment community, pulling in more than 22 approved bidders. The competitive bidding process ultimately secured the second-highest price per square foot for a retail center sale in Somerset County.
A Cushman & Wakefield capital markets team comprising Andrew Schwartz, Jordan Sobel, André Balthazard, and Dan Bottiglieri represented the seller, Adoni Property Group, while also procuring the buyer.
“Veronica Plaza attracted an exceptional level of interest from the investment community, which speaks to the continued strength of demand among investors for high-quality, necessity- and service-oriented retail centers,” Jordan Sobel, director at Cushman & Wakefield said. “The fully leased property benefits from a diversified tenant mix and a prominent location along one of Somerset County’s primary retail corridors, which created a compelling investment opportunity and drove a highly competitive sales process.”
Situated on a roughly five-acre site, Veronica Plaza features 18 tenants offering a blend of food and beverage, medical, financial, service, and convenience-oriented uses.
The property holds a prominent position at the intersection of Route 27 and Veronica Avenue, boasting approximately 340 feet of frontage along Route 27 and 630 feet along Veronica Avenue. The high-traffic location captures more than 24,000 vehicles daily. Furthermore, the retail center benefits from its proximity to Rutgers University, Robert Wood Johnson University Hospital, and Saint Peter’s University Hospital, alongside easy connectivity to major thoroughfares including Routes 1 and 18 and Interstate 95.
For seller Adoni Property Group, the transaction marks the successful chapter-closing on a long-held asset.
“We’ve owned Veronica Plaza for a long time, and it’s been a steady, well-performing property for us,” Sonny Adoni, founder and CEO of Adoni Property Group said. “The timing was right to sell, and we’re glad it’s going to a buyer who will take good care of the center and its tenants.”
