PHILADELPHIA --AMC Delancey Group, Inc., a leading national real estate investment and development firm, today announced that it has completed the sale of its Edison Commons shopping center to a subsidiary of MCC Realty Investments, LLC, for $28.35 million.
Located on Lincoln Highway (Route 27) near the New Jersey Turnpike in Edison, N.J., Edison Commons comprises more than 150,000 square feet of retail space. Metro Commercial Real Estate, Inc. and CB Richard Ellis served as co-brokers in the transaction.
Edison Commons was one of two projects purchased through a $5.2 million AMC Delancey investment fund formed in 2003. The other, a portfolio of industrial and warehouse buildings near Harrisburg, was sold in 2007. On an aggregate basis across both projects, the fund's investors enjoyed a 24.5 percent internal rate of return and an equity multiple of 2.24.
Michael C. Wachs, chief investment officer of AMC Delancey Group, stated, "Divesting of Edison Commons at this time is consistent with our efforts to focus our corporate and financial resources on the senior living industry. We anticipate that many of the investors in the Edison program will invest in our next fund for the development and acquisition of senior living and other multi-family projects."
AMC Delancey Group
www.amcdelancey.com
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