Marcus & Millichap Arranges The Sale Of A 31,429-Square Foot Industrial Building
NEWARK, NJ, December 1, 2022 -- 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 175 Mt Pleasant Ave, Newark, a 31,429-square foot industrial property located in Newark, NJ, according to James McGuckin, regional manager of the firm's New Jersey office. The asset sold for $6,000,000.
Jed P. Matricaria and Scott Geller, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Setz Katz of Legacy Commercial Realty, LLC secured and represented the purchaser.
Mr. Matricaria comments, "This is a unique asset in that it has a retail showroom, offices, workshop, high bay addition, ceilings of varying heights, and private fenced parking lot. These attributes give the property a lot of versatility, which provided us the opportunity to market to multiple types of investors and owner-users." Matricaria continued, "Our database of qualified buyers combined with Marcus & Millichap's national footprint generated multiple offers, allowing us to negotiate seller-favorable terms with the highest price the market would bear."
Mr. Geller comments "Despite generating multiple offers ourselves, the buyer who stepped up in the end was procured from an outside source. Working with our client's best interest in mind, we successfully collaborated on this deal and were able to close 12% above the asking price and without a re-trade. We attribute this to our competitive marking process and specialization in the asset type. It was a pleasure to successfully get this deal across the finish line for our clients."
175 Mt Pleasant Ave is located in Newark, NJ. It was built in 1960 with the original structure containing 22,429SF, and in 2009 a 28-foot, high-bay extension was added to its footprint. It is located one mile from downtown Newark and one block from Route 21.
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.