News:
Brokerage
Posted: May 15, 2018
Outside the Region: Marcus & Millichap brokers sale of Somerset Plaza Shopping Center–$12.775 million
Franklin Park, NJ Marcus & Millichap has brokered the sale of Somerset Plaza Shopping Center, a 67,530 s/f retail shopping center located in Somerset County, according to Brian Hosey, regional manager of the firm’s New Jersey office. The asset sold for $12.775 million.
Alan Cafiero, Brent Hyldahl, and Ben Sgambati of Marcus & Millichap’s N.J. office, utilized their marketing platform to procure the buyer, a private investor.
“The seller of the property was not actively marketing the property for sale, but would entertain an offer.” said Cafiero. “We had an excellent local buyer who we have closed with before that we brought to the table and made the deal.”
The subject property consisted of an 11 tenant rent roll roster including Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank.
“Although the headlines are saying that there are significant issues in the retail sector,” said Cafiero. “We are still seeing a tremendous demand for well located and well leased shopping centers in New Jersey.”
Located in an affluent area of Somerset County with a population of 108,933 and an average annual household income of $91,408, the Somerset Plaza rests on 8.99 acres of land along the Route 27 retail corridor where the traffic count exceeds 30,000 cars per day. This highly sought-after location offers investors the opportunity to enjoy close proximity to Route 130 and 206.
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $16.25 million sale of Ponce Bank flagship headquarters in the Bronx
Bronx, NY Marcus & Millichap negotiated the sale of a net-leased bank property occupied by Ponce Bank. The asset sold for $16.25 million. “This property drew tremendous interest as it was a
Quick Hits
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.