Marcus & Millichap Sells Downtown Somerville Mixed-Use Property for $4.2M

SOMERVILLE, N.J., April 26, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 17,600-square-foot mixed-use building in Somerville, New Jersey, for $4,200,000.

"Properties we list in Somerville always attract significant investor interest," stated Brent Hyldahl, first vice president of investments. "This property underwent extensive renovations in 2016 and has been exceptionally well-maintained. We're happy to have successfully facilitated the sale for both the buyer and seller."

Hyldahl and Alan Cafiero, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, Greg Albert of Harborpoint Residential.

The fully occupied mixed-use property at 28-32 W. Main St. comprises ten apartments with one and two-bedroom units, situated above two retail units: Provident Bank and Gallery on Main. The property, featuring ample parking on-site, is located in the bustling downtown area, with numerous shops and restaurants along Main Street, including ShopRite, Starbucks, and Stop & Shop.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.