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Marcus & Millichap Arranges the Sale of a Middlesex County 21,800-Square-Foot Retail Property

May 30, 2023

NORTH BRUNSWICK TOWNSHIP, N.J., May 30, 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 Church Lane Plaza, a 21,080-square-foot retail property located in North Brunswick Township, New Jersey. The asset sold for $4,450,000.

“Despite the rate hikes, investor demand for multi-tenant retail in New Jersey remains incredibly strong,” said Brent Hyldahl, first vice president investments. “Church Lane Plaza has a great balance of service-based retail tenants all operating on triple net leases. Located on US-130, the property benefits from high traffic counts and multiple access points from the highway and Old Georges Road.”

Hyldahl and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, a New Jersey-based LLC.

Constructed in 1991 on 2.94 acres, Church Lane Plaza is located at 2224 US-130 in a major retail corridor and off the heavily travelled US-130. Nearby national tenants include ShopRite, Costco, Dunkin’, Walgreens, and Starbucks.

At the time of sale, the retail property was 90% occupied and tenants include Bagel Fresh, Brunswick US Cleaners, Karate School, F45 Fitness, and Thai Lotus, among others.

 

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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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