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Brokerage
Posted: May 9, 2011
Sgambati and Cafiero of Marcus & Millichap broker $2.8 million sale
Marcus & Millichap Real Estate Investment Services has completed the sale of Kiddie Academy, a 10,440 s/f, single-tenant, net-leased property, according to Michael Fasano, VP/regional manager of the firm's N.J. office. The asset commanded a sales price of $2.8 million. Investment specialists Ben Sgambati and Alan Cafiero, in Marcus & Millichap's N.J. office, represented the seller, a midwest developer. The buyer, a local private investor, was secured and represented by senior associate Michael Lombardi from N.J.
The build-to-suit property was constructed in 2008 with the tenant, Kiddie Academy, signing a long term triple net lease.
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