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Marcus & Millichap Arranges the Sale of a QuickChek in Franklin Township for $7.065 Million

March 06, 2023

FRANKLIN TOWNSHIP, N.J., March 6, 2023 – 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 a net leased QuickChek gas/convenience property located in Somerset, New Jersey. The asset sold for $7,065,217 according to John Horowitz, first vice president and division manager of the firm’s Manhattan office.

“This trophy asset commanded commensurate pricing, even in the face of rising interest rates and market uncertainty,” said Matthew Klang. “We’re continuing to see a flight to quality, and this all-cash, compressed cap rate deal affirms that you are still seeing stellar results when a property is marketed effectively.” Matthew Klang and Michael Tuccillo, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the developer.
John Horowitz, broker of record in New Jersey, assisted in closing this transaction.

QuickChek is located at 1850 Easton Avenue. The property is located right off interstate 287, on Easton Avenue, a connecting thoroughfare for area commuters that sees over 43,000 vehicles per day. Somerset is a densely populated suburban New Jersey submarket in close proximity to the New York City MSA. The property benefits from co-tenancy with a Bristal Assisted Living Community and a future hotel site and is prominently and strategically positioned for highway traffic and accessibility.

 

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About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.

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