CBRE on Tuesday announced it recently closed a combination of four sales transactions totaling $6.2 million. The buyers and the sellers in each of the transactions were all local private investors.
The CBRE team of Nat Gambuzza and Steve Mariani was responsible for representing the sellers in each of the sale transactions, which included 47 Raritan Ave. in Highland Park; Franklin Commons in Shrewsbury; Marion Plaza in West Milford; and 11 Middletown-Lincroft Road in Lincroft.
“These properties had been languishing in the market for a long time prior to us taking over as exclusive sale agents,” said Gambuzza, who serves as senior vice president of CBRE and leads the eight-person New Jersey Investment Properties group. “By utilizing all of the tools available at CBRE, including market research, demographics and targeted investor reports, we were able to find the ideal buyers for each of the assets.”
Franklin Commons, a multi-tenant 14,713-square-foot retail investment property located at 691-703 Broad St. in Shrewsbury, traded hands for approximately $2.3 million. The center is located a half-mile from The Grove, a popular mixed-use destination. CBRE’s Steven Winters assisted on the deal.
47 Raritan Ave. in Highland Park, an 11,000-square-foot fully occupied office building with eight tenants, sold for approximately $1.8 million. In addition to the seller, Gambuzza and Mariani also acted on behalf of the buyer.
Marion Plaza, located at 16-22 Marshall Hill Road in West Milford, is a seven-tenant 7,000-square-foot strip center comprised of five local, “mom-and-pop” shops and two apartments, that sold for $1.4 million. The fully occupied center boasts an incredibly stable tenant mix. In addition to the seller, the team of Gambuzza and Mariani represented the buyer in the transaction.
11 Middletown-Lincroft Road in Lincroft, is a 5,911-square-foot single-tenant investment property that sold vacant for $650,210. Along with the seller, Gambuzza and Mariani also acted on behalf of the buyer. They were assisted in the sale by CBRE’s Wesley Moore.