Colliers arranges $3.95 million sale of The Plaza at Crystal Run

Colliers International has arranged the $3.95 million sale of The Plaza at Crystal Run, a 95,000 s/f shopping center at 400 North Galleria Dr., to NorthEnd Equities, a private investment group. The property, sold through an auction process, was built in 1994 and is comprised of a two-story, 86,000 s/f building tenanted by PETCO and Off Track Betting; a 9,000 s/f, free-standing unit tenanted by Pier 1 Imports; and shadow anchor Olive Garden. "The new owner will secure significant upside by re-tenanting the vacant space and taking advantage of the retail center's existing visibility," said Jacklene Chesler, a managing director at Colliers International's Parsippany, N.J. office, who exclusively represented the seller. "This asset is equipped with all of the right components including strong retail tenants and a central position within Middletown, the epicenter for retail within Orange County, which drew high interest and demand from more than a dozen active bidders procured through the auction process." The Plaza at Crystal Run is situated on Rte. 211, adjacent to the 1.1 million s/f Galleria at Crystal Run, a regional mall, and the 800,000 s/f Orange Plaza power center. The shopping center is also located one hour northwest of Manhattan.