Marcus & Millichap announced Tuesday the $5.95 million sale of a multitenant shopping center in Northfield.“The seller’s strategy was to geographically condense their portfolio closer to home,” Derrick Dougherty, vice president of investments, said in a prepared statement. “They were looking to focus on single-tenant assets, in an effort to preserve equity and eliminate the management component.”
The 48,536-square-foot Island Gym Plaza is currently 95 percent occupied, anchored by Island Gym. The property is located at 801 Tilton Road, approximately 10 miles from Atlantic City.
Dougherty, along with Dean Zang, senior vice president investments in the firm’s Washington, D.C., office, represented the seller, in a joint effort with DSM Commercial Real Estate Services. The buyer was secured and represented by Shannon Bona, an associate with the firm’s Philadelphia office. J.D. Parker, the broker of record for New Jersey, assisted with closing the transaction.
“The buyer, a distinguished owner and operator of single-tenant NNN assets, felt confident diversifying his investments into multi-tenant shopping centers because of the attractive yield in that asset class versus yields in the net-leased world,” Bona said in a prepared statement.