Marcus & Millichap Inc.
05/07/2024 | Press release | Distributed by Public on 05/07/2024 11:01
Marcus & Millichap Brokers Sale of Sayreville Retail Center for $7.2M
Press Releases
Marcus & Millichap Brokers Sale of Sayreville Retail Center for $7.2M
May 07, 2024
LinkedIn Email App
SAYREVILLE, N.J., May 7, 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 25,898-square-foot shopping center in Sayreville, New Jersey, for $7,196,110.
"Unanchored retail strip centers are one of the most underrated product types in the market," said Alan Cafiero, senior managing director of investments. "The combination of restaurants and service-oriented businesses, which are typically the backbone of the community, almost always fare very well in northern New Jersey. This property was no different as we had eight written offers from different investors."
Cafiero and Brent Hyldahl, 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, a local LLC.
The center, anchored by QuickChek, is located at 881 Main St., just minutes from exit 124 of the Garden State Parkway. It comprises 14 tenants, most operating on NNN leases, and is currently 97% occupied by regional and local tenants. Situated in a densely populated area, the center is surrounded by 238,000 people within a five-mile radius and is also close to ongoing mixed-use and warehouse developments.
"Unanchored retail strip centers are one of the most underrated product types in the market," said Alan Cafiero, senior managing director of investments. "The combination of restaurants and service-oriented businesses, which are typically the backbone of the community, almost always fare very well in northern New Jersey. This property was no different as we had eight written offers from different investors."
Cafiero and Brent Hyldahl, 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, a local LLC.
The center, anchored by QuickChek, is located at 881 Main St., just minutes from exit 124 of the Garden State Parkway. It comprises 14 tenants, most operating on NNN leases, and is currently 97% occupied by regional and local tenants. Situated in a densely populated area, the center is surrounded by 238,000 people within a five-mile radius and is also close to ongoing mixed-use and warehouse developments.
# # #
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.