In the first half of the month, Marcus & Millichap New Jersey office Regional Manager James McGuckin announced a number of deals completed by the firm in the central part of the state.
Chimney Rock Plaza in Bridgewater Township was sold for $4.67 million, according to McGuckin.
Investment specialists Alan Cafiero, Brent Hyldahl and Ben Sgambati of the commercial real estate brokerage’s New Jersey office had the exclusive listing to market the property located at 564 Union Ave. on behalf of the seller, a limited liability company
Cafiero and Hyldahl also secured and represented the buyer, another limited liability company.
“Multi-tenant retail in New Jersey continues to be in high demand. Interest rates are still historically low, and buyers are actively pursuing retail opportunities throughout the state,” Hyldahl said in a statement.
Also in Somerset County, Cafiero, Hyldahl and Sgambati arranged the sale of a 7-Eleven + Franchisee Training Facility, a net-leased property occupied by 7-Eleven, for $1.695 million.
Located at 865 U.S. Route 22 in North Plainfield, 7-Eleven has below market rent of $10.98 per square foot, according to Marcus & Millichap. The firm identified net leased retail properties with credit tenants as a hot ticket item in today’s market, commanding extremely compressed cap rates.
Cafiero, Hyldahl and Sgambati again had the exclusive listing to market the property on behalf of its limited liability company seller; Cafiero and Hyldahl also secured and represented the buyer, also an LLC.
In Monmouth County, the trio of investment specialists was at it again, arranging the sale of Morganville Square.
According to McGuckin, the 22,811-square-foot retail property located at 479 Highway 79 in Morganville sold for $4.21 million.
Cafiero, Hyldahl and Sgambati exclusively marketed the property on behalf of an LLC seller. Cafiero and Hyldahl worked with investment specialist Seth Goldberg to secure and represent the buyer, also a limited liability company.
“We received an incredible amount of interest in this asset right out of the gate. The property sits on over 3 acres and has a 15-tenant roster that significantly mitigates landlord risk,” Hyldahl said.
In Hazlet, Jason Petrick of Marucs & Millchap’s New Jersey office exclusively represented the seller and buyer in a transaction for a Quick Chek-anchored retail center. Financial terms of the deal were not disclosed.
Located at the jug handle intersection of Route 36 and Union Avenue, Union Avenue Plaza boasts more than 17,000 square feet and, according to the firm, is considered a community staple.
The sale exceeded the investment expectations of both parties involved, Marcus & Millichap said, and will help contribute to their overall investment strategy growth.
In a statement, Petrick identified the sale – and its “record breaking” 3.88% cap rate – as proof of the strong demand for retail investments.
“It was a pleasure working closely with ownership over the years, in an advisory capacity, to physically and operationally reposition the asset to meet current market expectations,” he said. “In addition, working closely with the investor during their due diligence phase to create and implement a value-add business strategy at closing.”