Marcus & Millichap Closes $19 Million Sale of Vernon Valley Retail Plaza in Sussex County
January 23, 2023
VERNON TOWNSHIP, N.J., Jan. 23, 2023 - 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 Vernon Valley Plaza, a 93,029-square foot retail property located in Vernon Township, New Jersey. The asset sold for $19 million.
"It's rare to find grocery-anchored retail hit the market in New Jersey," said Alan Cafiero, senior managing director investments. "The property attracted a significant amount of interest from a wide array of buyers."
Alan Cafiero, David Cafiero, and John Moroz, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller, Sussex RWP LLC, a regional New Jersey developer. The buyer, a local investor, Vernon Valley Plaza LLC, was procured by Alan Cafiero, David Cafiero, and Moroz.
Joseph Belgiovine, first vice president of Marcus & Millichap Capital Corporation, arranged the financing. "Lenders recognize the intrinsic value of a grocery-anchored shopping center," said Belgiovine. "Despite current market volatility, we secured various financing options for our client to consider, and he ultimately selected an aggressive option which yielded a greater than expected rate of return."
Vernon Valley Plaza is located at 530 County Road 515 and was built in 2001-2004. Tenants include Albertsons, ACME Markets, and the United States Postal Service. The ACME- anchored shopping center is two miles to Mountain Creek Ski Resort and seven miles to Crystal Springs. The property is ideally situated at the intersection of County Road 515 and Main Street.
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.