Exhibiting a continued “flight to quality,” a recently built QuickChek convenience property with fuel sold for $7.07 million. The Somerset County site is located right off of Exit 10 from Interstate 287.
Marcus & Millichap announced the sale of the net-leased site March 6.
John Horowitz, first vice president and division manager of the firm’s Manhattan office, revealed the sale price. Matthew Klang and Michael Tuccillo, investment specialists in that Manhattan office, had the exclusive listing to market the property on behalf of the unnamed developer. Horowitz, broker of record in New Jersey, assisted with the closing.
“This trophy asset commanded commensurate pricing, even in the face of rising interest rates and market uncertainty,” Klang said in a statement.
The site is located at 1850 Easton Ave. in Somerset. The thoroughfare, which brings drivers directly into New Brunswick, handles more than 43,000 vehicles per day, according to Marcus & Millichap.
The firm also pointed to the benefits offered from QuickChek’s co-tenancy at the site with Bristal Assisted Living Community and a future hotel site, which is prominently and strategically positioned for highway traffic and accessibility.
“We’re continuing to see a flight to quality, and this all-cash, compressed cap rate deal affirms that you are still seeing stellar results when a property is marketed effectively,” Klang added.