Marcus & Millichap closes $11M in NJ sales

A 15-acre plot of commercial land in Robbinsville has sold for $4.5 million, Marcus & Millichap announced Jan. 5.

Sean Beuche, regional manager of the real estate brokerage firm’s Philadelphia office, announced the sale of 120 N. Main St. to Akshardham Temple in Robbinsville.

Investment specialists Craig Dunkle and Myra Verma had the exclusive listing to market the property on behalf of the limited liability company seller. The team also secured and represented the buyer. Brian Hosey, broker of record for the firm in New Jersey, assisted in the transaction.

According to Dunkle, the property was listed at $6 million and received multiple offers at the price. But Akshardham Temple offered an aggressive closing timeline — less than 60 days — with its $4.5 million bid.

“Since development projects of this size can take approximately two years to get fully approved, the seller considered the Temple’s offer and successfully closed escrow on the expedited timeline,” Dunkle said.

According to Marcus & Millichap, the Temple, located in proximity to the buyer, plans to use the property for an expansion that will make it the largest Hindu temple in the world in area at 162 acres. It will also use the property to add an exhibit dedicated to Indian history and culture.

Up north

In Jersey City, James McGuckin, regional manager for Marcus & Millichap’s New Jersey office, recently announced the sale of a 6,150-square-foot mixed-use property in Jersey City.

The CityMD Urgent Care and three apartments at 340 Grove St., sold for $6.6 million, according to an announcement.

Investment specialists Alan Cafiero, David Cafiero and Joe Koicim from Marcus & Millichap’s New Jersey office had the exclusive listing to market the property on behalf of the limited liability company seller. The buyer, another LLC, was secured and represented by Alan Cafiero, David Cafiero and fellow investment specialists from their office, John Moroz and Matt Leszyk.

“The combination of a premium location, just one block from the Grove Street Train Station and long term lease with an essential credit tenant drove significant interest to this property where multiple offers were generated,” said Alan Cafiero.