Springfield Plaza Sells to Adoni Property Group for $20.1 Million on Route 22
Maria Torres · Union County Life
According to Cushman & Wakefield's release.
Springfield Plaza, a major retail center on Route 22, has sold for $20.1 million to Adoni Property Group. The transaction marks the first sale of the 72,120-square-foot property in 40 years. Union County Life is reporting on the commercial real estate transaction.
The property sits at 271-275 U.S. Route 22 in Springfield and is currently 97% leased. The center hosts a diverse tenant mix including Olive Garden, the New Jersey Motor Vehicle Commission (MVC), Leslie’s Pool Supplies, Goldfish Swim School, Golf Cube Social, and Once Upon a Child.
Cushman & Wakefield arranged the transaction. Andrew Schwartz, Jordan Sobel, André Balthazard, and Dan Bottiglieri of Cushman & Wakefield represented the seller and procured the buyer.
Sonny Adoni, founder and CEO of Adoni Property Group, said in a statement that the center’s long-term stability under previous ownership contributed to its current tenant strength.
“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,” Adoni said. “It’s a solid center on Route 22 with good tenants, and our plan is to keep it that way.”
The transaction represents a significant change in ownership for one of Springfield’s anchor commercial properties. The closing date and financing details have not been disclosed.
Find more Springfield businesses, real estate news, and local updates on Union County Life.
FAQQ: Who bought Springfield Plaza?
A: Adoni Property Group, led by founder and CEO Sonny Adoni, purchased the retail center from its previous owner.
Q: What is the purchase price?
A: The property sold for $20.1 million.
Q: How long was Springfield Plaza under previous ownership?
A: The previous owner held the property for 40 years, making this the first sale in four decades.
Q: What stores and services are in Springfield Plaza?
A: The center is home to Olive Garden, the New Jersey Motor Vehicle Commission (MVC), Leslie’s Pool Supplies, Goldfish Swim School, Golf Cube Social, and Once Upon a Child.
Q: How full is the retail center?
A: Springfield Plaza is 97% leased, meaning nearly all available retail space is occupied.
Q: What is Adoni Property Group’s plan for the center?
A: According to CEO Sonny Adoni, the new ownership plans to maintain the property and keep its existing tenant mix stable.
Q: Who arranged the sale?
A: Cushman & Wakefield, a major commercial real estate firm, represented both the seller and procured the buyer. The transaction team included Andrew Schwartz, Jordan Sobel, André Balthazard, and Dan Bottiglieri.
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