Maplewood Kings Sold
By Joshua Burd
Investor acquires grocery store property in Maplewood
An investor has purchased the former home of a Kings grocery store in Maplewood, under a recently announced transaction by Midtown Commercial Realty.
According to the brokerage team, a buyer paid more than $200 per square foot for the property at 159 Maplewood Ave., completing the deal as part of a Section 1031 like-kind exchange. The seller was an institutional owner.
“We are really pleased how this transaction worked out,” Midtown Principal Carlo Caparruva said. “It opens the doors for a new supermarket to serve the community.”