Stan Johnson Company Completes $56.0 Million Sale of Franklin Towne Center in Franklin Park, New Jersey

FranklinTowneCenter

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Franklin Towne Center located at 3391 NJ-27 in Franklin Park, New Jersey. The 138,000-square-foot shopping center is master leased to Stop & Shop, one of the northeast region’s largest supermarkets. Isaiah Harf of Stan Johnson Company represented the seller, a New York-based developer. The buyer was an investment firm based in New Jersey, and they acquired the center for $56.0 million. 

“This asset is going to pay roughly $37 million in net rent over the next nine years of lease term from an institutional-quality tenant in Ahold, recouping more than 65 percent of the purchase price in rent, alone,” said Harf, Regional Director and Partner in Stan Johnson Company’s Chicago, Illinois office. “Given the amount of land located on Route 27, coupled with the guaranteed rental income stream, this made it an attractive buy to the marketplace. We received more than seven offers on the asset.” 

The shopping center was built in 1990 and is situated on 14 acres positioned at the highly trafficked intersection of Route 27 and South Middlebush Road. The property has high visibility and access to Franklin Park’s surrounding neighborhoods, as well as Princeton and New Brunswick, which are two major employment hubs. 

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About Stan Johnson Company:

Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $45 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services.