Press Releases
Marcus & Millichap Brokers $9.11M Sale of Harbor Freight-Anchored Retail Center in Northern New Jersey
July 07, 2026
PARSIPPANY, N.J., July 7, 2026 – 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 745 U.S. 46, a Harbor Freight-anchored retail center in Parsippany, New Jersey. The asset sold for $9,110,000.
“Northern New Jersey continues to be one of the strongest retail investment markets in the country, driven by dense population, limited new supply and resilient consumer demand,” said Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office. “This property's combination of stable cash flow, diversified tenancy and outstanding highway access made it a compelling investment opportunity that attracted significant buyer interest.”
Cafiero, David Cafiero and John Moroz of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the buyer.
The six-suite retail center totals 32,432 square feet on 4.1 acres. Built in 1962 and renovated in 2014, the property was fully occupied at the time of sale. The center comprises a mix of retail, restaurant, service and medical tenants, with Harbor Freight occupying 55% of the gross leasable area.
745 U.S. 46 is surrounded by restaurants and retailers and is near major highways including U.S. Routes 46, 202 and 24 and Interstates 80, 287 and 280.
“Northern New Jersey continues to be one of the strongest retail investment markets in the country, driven by dense population, limited new supply and resilient consumer demand,” said Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office. “This property's combination of stable cash flow, diversified tenancy and outstanding highway access made it a compelling investment opportunity that attracted significant buyer interest.”
Cafiero, David Cafiero and John Moroz of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the buyer.
The six-suite retail center totals 32,432 square feet on 4.1 acres. Built in 1962 and renovated in 2014, the property was fully occupied at the time of sale. The center comprises a mix of retail, restaurant, service and medical tenants, with Harbor Freight occupying 55% of the gross leasable area.
745 U.S. 46 is surrounded by restaurants and retailers and is near major highways including U.S. Routes 46, 202 and 24 and Interstates 80, 287 and 280.
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
