December 10, 2018 Comments Off on Middlesex Strip Center Trades for $7M Views: 2211 New York News, Tri-State Area New York

Middlesex Strip Center Trades for $7M

Marcus & Millichap has arranged the sale of Quick Chek Plaza, a 25,800-square foot assemblage of retail shops at 881 Main St. in the Middlesex County community of Sayreville, NJ for $6.725 million.

Alan Cafiero, Brent Hyldahl, Ben Sgambati and Michael DeVita, investment specialists in Marcus & Millichap’s New Jersey office, marketed the property on behalf of the seller, a developer. The team also secured and represented the buyer, a limited liability company.

“There is still a demand for well-located retail centers with smaller, service-oriented tenants,” said Cafiero. “We received multiple offers on this asset, which generated a sub-7% cap rate.”

Quick Chek Plaza benefits from its location near Garden State Parkway Exit 124, seeing over 15,000 cars per day on Main Street. The strip center is currently 89% occupied with 13 tenants.

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