News:
Brokerage
Posted: January 22, 2019
Outside the Region: Sabharwal, Corcoran and Grunberg of Marcus & Millichap sell gas station
Jersey City, NJ Marcus & Millichap has completed the sale of BP Gasoline located at 1505 John Fitzgerald Kennedy Blvd. for $3.653 million.
Agents Preet Sabharwal, Dan Corcoran, and Michael Grunberg of Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller.
“The demand curve for necessity-based retail continues to grow, especially in core market MSAs” said Sabharwal.
The deal was unique in that during the course of marketing this asset, the 10-year treasury increase by 80+ basis points.
Grunberg said, “Despite the challenges, the net lease market continues its bull run on corporate net lease properties even in a raising interest rate environment.”
This gas station is located off of I-78, a major highway connecting Pennsylvania, New Jersey, and New York seeing more than 110,000 vehicles per day.
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $2.8 million sale of free-market mixed-use property in Brooklyn
Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.
Quick Hits
Columns and Thought Leadership
A guide to finding the right NYC property management company - by Sanjay Gandhi
Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional
Positive forecast for New York’s pro-housing push? - by Philip Butler
New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt
Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
.gif)
September Promotion
