Woodbridge QuickChek sells for $11M

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In October 2016, QuickChek introduced a new concept store in the Avenel section of Woodbridge with more than half the location dedicated to fresh food and beverages.

Marcus & Millichap arranged the sale of that 4,543-square-foot net-leased property for $11 million, John Horowitz, first vice president and division manager in the Manhattan office, announced May 8.

Investment specialists Justin Natalizio and Eric Anton, both of Marcus & Millichap’s Manhattan office, exclusively listed the property on behalf of the seller, an unnamed limited liability company. The pair also secured and represented the buyer, another LLC.

John Horowitz, broker in New Jersey, assisted in closing this transaction. Earlier in 2023, Marcus & Millichap arranged the sale of a QuickChek property in Somerset for $7 million that Horowitz worked on as well.

In a statement, investment specialist Natalizio called attention to the circumstances under which the transaction took place.

“We were able to secure a very high sale price and consummate this transaction during a time of high interest rates and uncertainty during a banking crisis,” he said.

The store’s location at 989 Route 1 offers frontage on the roadway. Additionally, Marcus & Millichap said it is situated in a strong retail corridor, with surrounding tenants including The Home Depot, The UPS Store, McDonald’s, Chase Bank, Denny’s, 7-Eleven, Dunkin’ Donuts, Dollar Tree, Advance Auto Parts and others.

The property offers fueling stations, outdoor seating and more than 40 parking spaces.

According to a 2023 Net Lease C-Store Report from Avison Young released in January, cap rates have been steady in the sector nationwide, coming in at 4.83% over the previous 12 months. The Northeast posted a 4.99% cap rate, according to the report. Looking ahead, while those figures “may drift up slightly,” AY projects cap rates will “remain relatively stable and not see the dramatic rise of higher interest rates.”

However, the study points to the variability that both cap rates and pricing can exhibit depending on an asset’s characteristics and location.

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