Somerset Plaza Shopping Center sells for 12.78M

NJBIZ STAFF//August 17, 2018//

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Commercial real estate firm Marcus & Millichap announced the sale of Somerset Plaza Shopping Center, a 67,530-square-foot retail shopping center located in Franklin Park, for $12,775,000.Commercial real estate firm Marcus & Millichap on Friday announced the sale of Somerset Plaza Shopping Center, a 67,530-square-foot retail shopping center located in Franklin Park, for $12,775,000.

Brian Hosey, regional manager of the firm’s New Jersey office, made the announcement. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap’s New Jersey office procured the buyer, a private investor.

“The seller of the property was not actively marketing the property for sale, but would entertain an offer.” Cafiero said in a release. “We had an excellent local buyer who we have closed with before that we brought to the table and made the deal.”

Among the 11 tenants in the shopping center are Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank.