Marcus & Millichap completes sale of BP Lubricants USA Inc. HQ & Tennent 9 Shopping Center
WAYNE & MANALAPAN, NJ — Marcus & Millichap has announced two sales. BP Lubricants USA Inc. headquarters, located in Wayne, sold for $19.2 million on March 15; and Tennent 9 Shopping Center, located at 700 Tennent Rd. in Manalapan, sold for $11.75 million. The BP Lubricants USA deal was brokered by Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office, who represented the seller, a private investor, and the buyer, who was also a private investor, utilized this transaction to fulfill a 1031 exchange. Brent Hyldahl, also of Marcus & Millichap’s New Jersey office, joined the duo in procuring the buyer for the Tennent 9 Shopping Center. Both parties are private investors. BP Lubricants USA Inc. headquarters boasts 100,000 s/f. The building sits on 10.52 acres of land and fully utilized by BP’s premium brand, Castrol Oil, as its corporate headquarters. At this location, BP Lubricants employs lab technicians, engineers, analysts, upper management and corporate services as well as the Castrol Oil top sales team. The property is on Valley Rd.